Technical Analysis: The Stalemate Continues

Another day of indecision. We’ll give points to the bulls for resilience, but if they can’t move the market higher in the next day or two, the next move may be down. The Nasdaq (first chart below) stalled yet again below its June high of 2055. Support is 2030-2034, 2020-2025 and 1992-2000. The S&P 500 (second chart) continues to hesitate at the major resistance level of 1173-1177, with 1190-1200 above that. Support is 1160, 1157, 1150 and 1140-1142. The Dow (third chart) is bounded by 10,487-10,500 to the upside and 10,310 to the downside.

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