RealTime IT News

Technical Analysis: Still Range-bound

So much for the end of expiry resolving this indecision. The indexes continue to consolidate near the lows, suggesting the possibility of another leg down, but they could also be trying to bottom. The Nasdaq (first chart below) has gapped up for five straight days without having much to show for it. A break above 1934-1936 would be a good start, with 1951 major resistance above that. Support is 1920, 1897-1900 and 1878. The S&P and Dow (second and third charts) appear to be forming wide bear flags. Support on the S&P is 1093, 1083-1085 and 1075, and resistance is 1103-1107 and 1110. The Dow has support at 9950, 9900, 9852 and 9822, and resistance at 9975, 10,000, 10,048 and 10,120.