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Technical Analysis: Nasdaq Fails Again

Another day, another failed attempt at 2100 by the Nasdaq (first chart below). How many times can the index fail at that level before selling picks up? The good news is that sentiment, in the form of the put-call ratio, remains supportive, but price action is uninspiring. Support levels on the Nasdaq are 2085, 2075 and 2053, and resistance is 2103, 2112 and 2118. The Dow and S&P (second and third charts) look a little better in the short-term — three small-bodied days within the body of Friday's white candlestick is a positive, but the indexes need to follow through to the upside. Support on the Dow is 10,560-10,575, and resistance is 10,640 and 10,660-10,673. The S&P (third chart) has important support at 1209-1212, and resistance is 1220, 1223-1225 and 1229.