RealTime IT News

Technical Analysis: Another Test For The Chips

Looks like the semiconductor sector (first chart below) is headed for another test of the critical 433 support zone. The index has spent the entire year in a downtrend after peaking in early January. The Nasdaq (second chart) continues to struggle at 1940-1946 resistance. A move above 1946 would be a big plus for the techs. Support is 1930, 1921, 1913 and 1897-1900. The S&P (third chart) has support at 1106-1107 and 1102-1103, and resistance is 1116, 1118 and 1123. The Dow (fourth chart) faces resistance at 10,257-10,280 and 10,307, and support is 10,230, 10,195, 10,162-10,175, 10,121-10,134, 10,093 and 10,074. Finally, July 14 is an unusually positive day, up 82% of the time historically. It would be something else if the techs kept that streak alive tomorrow.