Technical Analysis: A Harami For The Nasdaq
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AMAT and Dell were unable to move stocks today, so it's now up to a host of economic reports tomorrow morning, including PPI, retail sales and Michigan sentiment. With investors already worried about rising interest rates, the PPI at 8:30 a.m. could be the most important report. The Nasdaq (first chart below) formed a bearish harami candlestick pattern the last two days, a doji formed on a gap down out of a white candlestick, suggesting a possible down bias for tomorrow. 1950-1956 is first support on the Nasdaq, with 1940 and 1923 below that. 1971-1973 and 1992-2000 are resistance. The S&P (second chart) has resistance at 1062 and 1068-1070, and support is 1050-1053, 1042-1043 and 1040. The Dow (third chart) has resistance at 9853, 9900, 9950 and 10,008, and support at 9800 and 9700-9725.