Technical Analysis: Nasdaq Hangs On
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The Nasdaq (first chart below) hung on to its uptrend from October 2002 today, but just barely. 1865-1870 is now critical support, and resistance is 1897-1900, 1910 and 1922. The S&P (second chart) failed at 1104.5-1107 resistance today, and 1113 and 1117 is above that. Support is 1095, the 200-day exponential moving average, which held today, and 1088-1091. +DI, or buying pressure, is at very low levels on both the S&P and Dow (third chart) - note how that has marked recent bottoms, as well as others in the past. The Dow broke a number of supports today, but managed to close back above the 10,093 and 10,074 levels. Below that, support is 10,062, 10,048 and 10,000-10,007. Resistance is 10,121-10,134, 10,162-10,175, and 10,210-10,215.