AI
| Followers | 71 |
| Posts | 12229 |
| Boards Moderated | 1 |
| Alias Born | 04/01/2000 |
Tuesday, June 08, 2004 11:42:57 PM
Technical Analysis: Internals Weaken
By Paul Shread
http://stocks.internetnews.com/article.php/3365581
A nice recovery today, but breadth was negative on an up day for the market, which suggests that the rally has become selective. A pause to regroup would be a plus here. Options players remain surprisingly skeptical here, which continues to prop up the market. The Nasdaq (first chart below) has support at 2012, 2008 and 1998-2000, and resistance is 2040, 2060 and 2079. The S&P (second chart) has support at 1133 and 1130, and resistance is 1147-1150 and 1157-1163. The Dow (third chart) cleared its final downtrend line today. Support is 10,400 and 10,340-10,350, and resistance is 10,500-10,570. As a note, the market will be closed Friday in honor of former President Reagan, and the PPI will be released at 3 p.m. Thursday.
By Paul Shread
http://stocks.internetnews.com/article.php/3365581
A nice recovery today, but breadth was negative on an up day for the market, which suggests that the rally has become selective. A pause to regroup would be a plus here. Options players remain surprisingly skeptical here, which continues to prop up the market. The Nasdaq (first chart below) has support at 2012, 2008 and 1998-2000, and resistance is 2040, 2060 and 2079. The S&P (second chart) has support at 1133 and 1130, and resistance is 1147-1150 and 1157-1163. The Dow (third chart) cleared its final downtrend line today. Support is 10,400 and 10,340-10,350, and resistance is 10,500-10,570. As a note, the market will be closed Friday in honor of former President Reagan, and the PPI will be released at 3 p.m. Thursday.
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
