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Thursday, March 17, 2005 10:46:59 PM
Technical Analysis: Dojis, Dojis Everywhere
By Paul Shread
If stocks want to bounce, they have a good setup for it. The indexes all formed "dojis" today, or unchanged candlesticks reflecting indecision, and fear continues to run high among options traders, although with tomorrow an options expiry day, today's high reading isn't as meaningful as other recent ones. The Nasdaq (first chart below) continues to cling to its January low of 2008. If that goes, 1993-2000 is possible support, and 2023 and 2033 are the levels to beat on the upside. The S&P (second chart) is holding 1185 support, with 1175-1178 below that. Resistance is 1194 and 1203. The Dow (third chart) faces resistance at 10,673 and 10,750, and support is 10,600-10,612 and 10,500-10,550.
By Paul Shread
If stocks want to bounce, they have a good setup for it. The indexes all formed "dojis" today, or unchanged candlesticks reflecting indecision, and fear continues to run high among options traders, although with tomorrow an options expiry day, today's high reading isn't as meaningful as other recent ones. The Nasdaq (first chart below) continues to cling to its January low of 2008. If that goes, 1993-2000 is possible support, and 2023 and 2033 are the levels to beat on the upside. The S&P (second chart) is holding 1185 support, with 1175-1178 below that. Resistance is 1194 and 1203. The Dow (third chart) faces resistance at 10,673 and 10,750, and support is 10,600-10,612 and 10,500-10,550.
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