Technical Analysis: Nasdaq Breaks Out
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The Nasdaq (first chart below) put in a higher high today, and the Dow (second chart) followed, but not by much. The S&P (third chart) must still take out the 1126 area to get a trifecta. The market is short-term overbought here, so a pullback is possible here, but the indexes are making good progress at cementing a bottom. The Nasdaq has support at 1983-1985, 1970-1973 and 1965, and it still has one last hurdle, a downtrend line at 2000. Above that, 2015-2030 and 2030-2035 are resistance. The Dow has support every 25 points from 10,225-10,300, and resistance is 10,350-10,367, 10,420 and 10,475. The S&P faces major resistance at 1126, with 1134 next above that, and 1120-1122 and 1110-1115 are support.