Technical Analysis: New Highs All Around

Today was about as simple as it gets: new highs all around, and on rising volume to boot. That suggests more gains ahead for the market. The one negative is that all indexes closed at 100 on short-term stochastics; that’s overbought. Also, there was a lot of options hedging this week; that could cause some volatility next week as hedges are unwound. The Nasdaq (first two charts below) cleared its 200-week moving average. Next resistance is 2150-2163, and support is 2128, 2115-2120, and 2100. The S&P (charts three and four) faces major resistance at 1145-1147 and then 1170-1177. Support is 1135, 1132, 1125-1127 and 1121. The Dow (charts five and six) broke out by a few points at 10,600. 10,673 is major resistance, and support is 10,550-10,570, and 10,450-10,500.

Get the Free Newsletter!

Subscribe to our newsletter.

Subscribe to Daily Tech Insider for top news, trends & analysis

News Around the Web