Thursday, October 15, 2009
Some how the celebration this time is more muted.
Amid both skepticism and optimism - depending on the camp - the Dow industrials surpassed the marquee 10,000 mark on Wednesday for the 26th time.
And while Dow 10,000 carries little technical significance, each benchmark nonetheless confirmed its uptrend with Wednesday's rally.
S&P support spanning from 1,071 to 1,080, bracketing the September closing and intraday peaks.
Nasdaq support spanning from 2,140 to 2,157, bracketing its former range top and the top of Wednesday's gap.
Dow support spanning from 9,840 to 9,918, roughly matching the September closing and intraday peaks.
The S&P's 50% retracement of the crash holds at 1,121, roughly matching the Sept. 29, 2008 close of 1,106. [Emphasis added]