Technical Analysis: Resistance Holds

One shaky rally so far. The Nasdaq (first chart below) was stopped below 1973 resistance today, so the bearish “three black crows” pattern formed last week remains in control. If the index can clear that, 1987-1991 and 2000-2007 are next. 1937-1942 should be strong support at this point. The S&P (second chart) faces strong resistance at 1129-1130, and support is 1113-1115, 1110 and 1107. The Dow (third chart) faces resistance at 10,380-10,400, and support is 10,250 and 10,217. The banks (fourth chart) continue to struggle and remain the one big warning sign for the market.

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