Technical Analysis: Stocks Stay Stuck

The toughest resistance level for the market remains the Dow’s main downtrend line (first chart below). The index snuck above that line today, only to get beaten back down by the close. That line appears to be just above 10,500 for tomorrow, and it’s a level the bulls are going to have to take out with some force to get a rally going. Support is 10,450 and 10,415-10,420. The Nasdaq (second chart) struggled once again at a rising resistance line, which should be at about 2020 tomorrow, with 2023 and 2040 above that. 1993 is major support; below that, 1978 or so looks like potential support. The S&P (third chart) is struggling at 1185 resistance, with 1193 above that. Support is 1172-1175.

News Around the Web