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Technical Analysis: Tug of War
Published by: mike 2008-12-01

Quite a battle going on here. There are a number of big economic and earnings reports coming in the next couple of days (GDP, Fed decision and Google's earnings just on Wednesday), so stocks may remain rocky for a couple more days. It's not the greatest sign that the indexes are consolidating at their lows, suggesting the possibility of more downside, but first-of-the-month inflows could help decide the outcome in favor of the bulls. The Nasdaq (first chart below) is trying to re-form its November uptrend line here. 2434 is important support for tomorrow, and 2455 and 2471 resistance. The S&P (second chart) is hanging on nicely at its November uptrend line, but now it needs to turn higher. That line is at 1419 for tomorrow, with the 50-day average at 1414.5. Resistance is 1426-1427. The Dow (third chart) is another index clinging to support. If it can't hang on here, 12,430-12,450, 12,400 and 12,350 are support. First resistance remains 12,543-12,550. In short, stocks are doing a nice job hanging on, but now they need buyers. Failure to turn higher soon could lead to breakdowns. The 10-year yield (fourth chart) is doing a nice job holding its 200-day average here despite some pretty extended readings; another important battle going on.

TradingDay.com Candlestick Tutorial - Traders sentiment::
TradingDay.com Technical Analysis, Charts, Stock Quotes, Candlestick Charts is small indicating that there was a tug of war between the bears and the bulls.
http://www.tradingday.com/c/candlesticks/candlesticks3.html
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Commodities Chart, Technical Analysis::
Commodities price chart with technical analysis and daily commentary. The tug of war continues. Go Team Go. Deflationary Death Spiral (3/14/01)
http://www.capitalstool.com/commodities-archive.htm
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More Profitable Chart Studies::
importance of one of the oldest rules in technical chart analysis (the 50 price action around the 50% level we could see a tug of war going on between
http://www.vtuniversity.com/chtstudy/gold8280.html
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