Technical Analysis: Techs On The Edge
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The market is acting like it expects hawkish testimony from Fed Chairman Alan Greenspan tomorrow, so any soothing words from the Fed chief would likely spark a good rally. The Nasdaq (first chart below) lost its second support level in as many days. 2040-2042 and 2030 are the next support levels, and resistance is 2068-2069, 2082 and 2097. The S&P (second chart) has support at 1190-1192, 1185 and 1180, and resistance is 1200, 1205 and 1210-1212. The Dow (third chart) has support at 10,465, 10,428-10,430 and 10,405, and 10,573-10,620 is resistance.