Technical Analysis: Nasdaq, S&P Stall At Resistance
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The Nasdaq and S&P (first two charts below) continue to meet resistance just shy of their post-2003 highs. Both indexes also put in "inside days" today completely within yesterday's trading range a sign of caution after an uptrend, but they could just reflect indecision ahead of inflation reports due out the next two days. The Nasdaq faces major resistance at 2154 and 2192, and support is 2128, 2113-2116 and 2100-2106. The S&P was stopped once again at its four-year closing high of 1225.31, and above that is its 1229.11 intraday high. Support is 1216-1220, 1210-1212 and 1206. The Dow (third chart) faces major resistance at 10,580-10,600 and 10,656-10,673, and 10,405-10,460 is critical support.