Technical Analysis: A Big Breakout For The Nasdaq
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A big breakout for the Nasdaq (first chart below), which broke out of its 4 1/2-month downtrend today. Now it needs to hold — we'd like to see the index hold support at 1998 for tomorrow. Resistance is 2012, 2020 and 2035. The S&P (second chart) also pushed through some resistance today. We'd now like to see the index hold 1172 to the downside — not much room there — and resistance is 1184, 1194 and 1200. The Dow (third chart) had its own breakout today, but still faces very difficult resistance between 10,340-10,405. Support is now 10,300. A strong day, but not much downside room for the market tomorrow.