Technical Analysis: Nasdaq Approaching Resistance
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The biggest news today was the new high in the Dow Transports (see first chart below). That's a positive, but now the Dow and the S&P (second and third charts) must confirm with new highs above 9352 and 1015. Support is 9140 on the Dow and 994 and 982 on the S&P. The Nasdaq (fourth chart) is approaching heavy resistance at 1759 and 1770-1800, and with only 77% upside volume today, the internals could be better. Support is 1730-1735. The CBOE equity put-call ratio was a low .48 today, but not quite in the .45 danger zone yet. The indexes all appear to be in wave 5s up off the March lows under Elliott Wave theory, which could mean a good correction once the current up leg is finished.
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