Technical Analysis: Nasdaq At Resistance
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The Nasdaq (first chart below) closed right at 2040 resistance today. It's hard to imagine the first rate hike in four years as cause for celebration, but stranger things have happened. 2013-2014 is important support for tomorrow. If either of those levels go tomorrow, support is 2007, 2000 and 1990, and resistance is 2060 and 2079. Expect volatility. One plus heading into the announcement is that put-buying was unusually high for an up day; one confused market lately. The S&P (second chart) faces resistance at 1137-1138, 1140-1142 and 1147-1150, and support is 1132, 1130, 1128, 1125 and 1120. The Dow (third chart) faces resistance at 10,440 and 10,485, and support is 10,340-10,370, 10,300-10,307 and 10,254. And the all-important banks (fourth chart) are clinging to support heading into the Fed announcement.