Technical Analysis: Nasdaq Remains Stuck
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The Nasdaq (first chart below) was stopped at the tough resistance level of 2045-2050 today, and continues to look like a bounce in a downtrend. If it can clear 2050, 2063-2068 looks just as tough. Support is 2018-2022, 2005-2012, 2000, 1990 and 1978-1980. The S&P (second chart) took out 1145-1147 and 1150 resistance today, only to close back below those levels. If the index can do it again, 1155 and 1160 are next. Support is 1142-1143 and 1137. The Dow (third chart) has support at 10,540 and 10,515, and resistance is 10,650, 10,673, 10,705 and 10,750. One positive today was some not half-bad fear among options players. We'd like to see more of it.