Sunday, July 24, 2011

Markets at Resistance in a Range

Click on Chart to Enlarge

The Dow 30 is at a major horizontal support and resistance line going back a few years. Also last month price broke the uptrending channel from 2010-2011, and has now come back underneath it to touch from the bottom. There may be resistance here to further upside.

Click on Chart to Enlarge

The S&P 500 is at a resistance line as of Friday's close. So the market is either likely to pull back here or to break out of the range to the upside.

Click on Chart to Enlarge

Bearish divergence is present on daily stochastics and shorter term RSI and MACD. Looks like there will be some consolidation at least before a larger move one way or the other.

1 comment: