Technical Analysis: Chips Hang On
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The semiconductor sector (first chart below) failed to set a new low despite a big downgrade from Merrill Lynch today. That's a positive set-up heading into Intel's earnings tomorrow night, but now the chip giant must deliver. The Nasdaq (second chart) failed at 1940 resistance today, a level the techs need to retake. 1946 and 1960 are above that, and support is 1930, 1921, 1913 and 1897-1900. The S&P (third chart) held 1106-1107 support today (1102-1103 is below that), and resistance is 1118 and 1123. The Dow (fourth chart) faces resistance at 10,257-10,280 and 10,307, and support is 10,190, 10,162-10,175, 10,121-10,134, 10,093 and 10,074. Finally, the banks (fifth chart) also look pretty good for a change.