Indexes Close at Resistance

Apr 19, 2008: 6:24 PM CST

Last week’s price action (particularly that of Friday) sent the major US Indexes to test key resistance, a break of which would change the calculus and give more strength to the bulls.

1,400 on the S&P 500 Index proves to be yet another powerful force that price is testing. Should price cleanly break this zone, I would expect continuation to a target #1 of 1,440 and then 1,500.

The Dow Jones Index, however, hovers just beyond its key resistance level:

A weekly view of the Dow Jones Index places the picture into a more favorable light for the bulls:

There are still various obstacles for the bulls to overcome, but for now, we have to give last week’s victory to them. It’s now up to them to defend and consolidate their gains.

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