The Nasdaq (first chart below) didn't do much damage to the downside today, barely even testing its steepest uptrend line. 2043 and 2025 are important support levels for Thursday, and a move above 2065 could lead to a challenge of the next major resistance level at 2090-2100. The S&P (second chart) has support at 1186, 1184 and 1180, and resistance is 1195 and 1200-1201. The Dow (third chart) has support at 10,425-10,430 and 10,400-10,405, and resistance is 10,500, 10,530, 10,570-10,620. Fear was quick to spike among options traders today, a positive for the bulls.
Investors Hub - TECHNICAL ANALYSIS () Message Board - Post #68158::
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Decision Point®: Chart Spotlight 10/20/2006::
last three weeks of rally left the bears with little on which to hang their hats. Technical analysis is a windsock, not a crystal ball.
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