Technical Analysis: Techs Again Show Resilience
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The Nasdaq (first chart below) continues to hold up well, finding buyers with every dip. The lack of a broad-based retreat at its 2153 recovery high is another positive. Resistance is 2153-2165, while an uptrend line at 2138 is first support, with 2132 and 2120 below that. The S&P 500 (second chart) is showing more hesitation, with its third straight "doji," or small unchanged day reflecting indecision. The index faces major resistance at 1200, and support is 1185-1188, 1178-1180 and 1175. The Dow (third chart) remains the laggard. Resistance is 10,600, 10,670 and 10,753, and support is 10,520-10,526, 10,480-10,500 and 10,414-10,440.