| So far this is behaving more like a bounce in a downtrend than the start of a fresh move up. The Nasdaq (first chart below) stopped short of the first significant resistance at 2040-2050, and 2063-2068 looks even tougher above that. Support is 2018-2022, 2005-2012, 2000, 1990 and 1978-1980. The S&P (second chart) is still struggling at 1145-1147 resistance, and 1150, 1155 and 1160 are above that. Support is 1138 and 1136. The Dow (third chart) has support at 10,539 and 10,510, and resistance is 10,637-10,650, 10,673, 10,705 and 10,750.
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Trade details: Short entry near 1717 with an initial stop-loss at 1750. I’ve just completed updating the following index technical analysis charts:
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Jun 6, 2008 Larger price targets and longer holding times require looser stops than short-term "momentum" trades. The Nasdaq Composite, on the other
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Technical Analysis: Nasdaq Stops Short Of Resistance