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Wednesday, June 23, 2004 9:57:58 PM
Technical Analysis: Breakouts
By Paul Shread
http://www.internetnews.com/bus-news/article.php/3372691
A strong performance today. The Nasdaq (first chart below) was the only major index that didn't hit a new high for the move today, stopping just short of 2023 resistance. Next up is 2035-2040, 2060 and 2079, and 2000-2010 should now be strong support. The S&P (second chart) took out 1139-1142 resistance, which should now be support. The next resistance level is 1147-1150. The Dow (third chart) also broke out today. 10,440 should now be support, and 10,500-10,570 is resistance. Finally, a big plus -- a new high in the Transports (fourth chart). We now need the Dow to take out 10,754 to confirm.
By Paul Shread
http://www.internetnews.com/bus-news/article.php/3372691
A strong performance today. The Nasdaq (first chart below) was the only major index that didn't hit a new high for the move today, stopping just short of 2023 resistance. Next up is 2035-2040, 2060 and 2079, and 2000-2010 should now be strong support. The S&P (second chart) took out 1139-1142 resistance, which should now be support. The next resistance level is 1147-1150. The Dow (third chart) also broke out today. 10,440 should now be support, and 10,500-10,570 is resistance. Finally, a big plus -- a new high in the Transports (fourth chart). We now need the Dow to take out 10,754 to confirm.
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