CNBC Stock Blog

The Dow's Resistance Point Now: Technical Analysis

Financial stocks gained and homebuilders fell Tuesday as the Dow slipped back from its march toward 11,000. What's next? Steve Grasso of Stuart Frankel offered his market insights to CNBC.

"Fundamentals look good, but technicals are really what traders are basing their opinions to buy and sell the market on," Grasso said.

And what do the technicals say?

"11,000 is definitely the resistance point" on the Dow, he believes. And on the S&P 500, 1200 is "likely" to come next week and 1300 by September.

However, Grasso is hedging his bets:

"Eventually, all this debt that we're running up is going to come back to roost. And that's what's going to move gold. Maybe not tomorrow or in 6 months, but eventually."

Grasso bought Newmont Mining shares "for myself and my retirement plan."

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Further disclosure information was not available for Grasso or his company.