Technical Analysis: Rally Slows To A Crawl

Trading remains very hesitant ahead of Tuesday’s election, with three straight days of very narrow advances. Technically, it’s not a pretty set-up, but the election outcome will likely determine the next move. On the plus side, sentiment appeared supportive today. The Nasdaq (first chart below) has support at 1969-1975 and 1947-1956, and resistance is 1984-2000. The S&P 500 (second chart) has resistance at 1133-1135 and 1140-1142. Support is 1127, 1124 and 1120. The Dow (third chart) has resistance at 10,108, 10,160 and 10,250, and support is 9950-10,000.

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