Technical Analysis: Nasdaq Hangs Tough

Today clearly went to the bulls, but now they have to build on it. The Nasdaq (first chart below) held its uptrend once again today; that’s the most important support for the market here, and should be at about 1913 for tomorrow. Resistance is 1953-1961. The S&P 500 (second chart) put in a bullish hammer today after breaking through 1100-1103 support. Below that, 1095 and 1087-1091 are support, and resistance is 1106-1110, 1114 and 1120. The Dow (third chart) put in a bullish hammer after testing its yearly lows today, another hope for the bulls. Support is 9852-9862 and 9784-9814, and resistance is 9960 and 10,000.

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