RealTime IT News

Technical Analysis: Techs Break Down

So much for the first winning streak of the year. The Nasdaq (first chart below) broke yet another uptrend line today, so any semblance of an uptrend from August is now gone. 2040-2060 (2050) is the next support range, and resistance is 2083. The S&P (second chart) has support at 1175, 1172, 1168 and 1160-1163, and resistance is 1189-1195. The Dow (third chart) has support at 10,500, 10,450 and 10,417, and resistance is 10,600-10,626. The Dow and S&P are starting to look like head and shoulders tops; the bulls need to pull off a save soon.