Technical Analysis: Nasdaq Fails At Resistance
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The Nasdaq (first chart below) failed for the third time at 1950 resistance today, getting as high as 1953 before turning back to close at the lows. Not the best of action, but at least we're seeing some fear among option traders. Critical support is 1910, and everything between 1910 and 1953-1962 is noise at this point. The S&P 500 (second chart) is back at 1100-1103 support. Below that, 1095 and 1087-1091 come into play, and resistance is 1106-1110 and 1120. The Dow (third chart) remains the biggest problem for the market; without support from the blue chips, rallies seem destined to fail. Support is 9852-9862 and 9784-9814, and resistance is 10,000.