Technical Analysis: Nasdaq, S&P Hit Major Resistance

The Nasdaq and S&P (first four charts below) ran into some major resistance levels today. The indexes once again put in some uninspiring candlesticks, with the Dow (fifth chart) looking like an outright reversal, but this rally has turned back up on similar set-ups. End of the month window dressing is a possibility, but with reversal candlesticks at major resistance, a correction is quite possible here. There are a number of economic reports tomorrow between 8:30 and 10, including personal income and spending, Michigan sentiment and Chicago PMI. The Nasdaq has major resistance at 1600, and support at 1564, 1548-1552, and 1520. The S&P has resistance at 962, 965 and 974.60, and support at 946, 935-940 and 932-933 and 925. The Dow has support at 8640-8650, 8540 and 8500, and resistance is 8740-8750, 8800 and 8870.

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