Technical Analysis: Techs Break Out
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The Nasdaq (first chart below) finally broke through some key resistance today. 1975 and 1990-2000 are the next tests, and support should now be 1952-1958. The S&P 500 (second chart) is back at some tough resistance levels, with 1130-1132 and 1140-1142 big tests if the index can continue higher. Support is now 1120 and 1114. The Dow (third chart) has the most ground to make up. Resistance is 10,025-10,040 and 10,110, and support is 9960-9977 and 9000. If there's one problem we'd note the last two days, it's that neither exchange could achieve 80% upside volume at the same time. Buying still does not appear to be quite broad-based enough.