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Technical Analysis: Nasdaq On Support

The market's pullback is threatening to become a bigger correction if it doesn't turn up soon. The Nasdaq (first chart below) is sitting right at the critical 2050 level — this would be a good place for the techs to turn up, as it would complete a flat correction or "rectangle" pattern between here and major resistance at 2100. Next support is 2040 if the zone breaks to the downside, and resistance is 2070, 2080 and 2100. The Dow (second chart) has one last shot at support at 10,263. To the upside, the index must retake 10,377, 10,405 and 10,445. The S&P (third chart) has support at 1185, 1182 and 1180, and resistance is 1195 and 1200.



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