Technical Analysis: Nasdaq Resistance In Sight
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The Nasdaq (first two charts below) paused at 2078 resistance today. If it heads higher tomorrow, it could have a date with 2093-2099, the January 2002 peak. Support is 2066, 2047-2050, and 2040. The last three days formed an imperfect bullish three white soldiers on the index; the techs just keep right on trucking. The one weak spot remains the preponderance of calls at 36 and 37 on the QQQ, the Nasdaq 100 tracking stock. We haven't seen options sentiment that complacent in a while, and it will be interesting to see how the next week or so goes until expiry on the 19th. So far, even the smallest dips have been bought. The S&P (third and fourth charts) bounced at its uptrend line today, an important support; that line should be at about 1120 tomorrow. The index also closed just above 1125 resistance, a potential positive for tomorrow. 1131 is first resistance, then 1146 and 1170-1177, the 2002 peak and the 50% retracement off the all-time high. The Dow (charts five and six) faces resistance at 10,550 and major resistance at 10,670, and important supports are 10,450 and 10,400.