Technical Analysis: The Indexes Hesitate

The Dow and S&P (first two charts below) can’t make up their minds whether they’re bull or bear. The Dow could be a bullish ascending triangle – if it can clear 9352-9361. The S&P, on the other hand, could be a bearish descending triangle if it can’t clear 992-994. Support is 9160-9200 on the Dow, and 984 and 980 on the S&P, and 9050 and 962 are critical. The Nasdaq (third chart) would have a nice breakout with a gap up on Monday. 1681-1685 is support. The indexes are overbought on short-term stochastics.

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