Technical Analysis: Nasdaq Runs Into An Old Friend
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The Nasdaq (first chart below) was stopped today at its old uptrend line connecting the October 2002 and March 2003 lows. This is a critical juncture for tech stocks; above 1885 tomorrow and the index could run. The next resistance levels above that are 1889 and 1894-1900, and support is 1860, 1856, 1853, 1846 and 1838. The S&P (second chart) faces major resistance at 1103-1107, and support is 1094, 1089 and 1086. The Dow (third chart) struggled at 10,163 resistance today; if it can break above that, 10,225 is next. Support is 10,097, 10,085, 10,048-10,068 and 10,030-10,032.