Technical Analysis: Nasdaq Hits Old Resistance
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As they say, no one has a longer memory than a trader sitting on a losing position, and today was proof positive of that old axiom. The Nasdaq (first chart below) was turned back today at a trendline that marked a big breakdown in March, giving traders who placed wrong bets at that level a chance to get out even. Support levels are 2040, 2035 and 2030, 2020 and 2010, and resistance is 2063-2065, 2068, 2078 and 2090-2100. The S&P (second chart) has support at 1186-1187, and resistance at 1200-1201. The Dow (third chart) has support at 10,395-10,405, and resistance is 10,570-10,620.