Technical Analysis: A Breather at Resistance
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With the Nasdaq and S&P (first two charts below) at some major resistance levels here, the lack of a significant retreat is a positive here. Still, the indexes are significantly overbought, and with tough levels just overhead, some sort of a breather is possible here. The Nasdaq faces major resistance at 2220, with 2251 a big level above that. 2200 should be solid support at this point, with 2190 below that. The S&P faces major resistance between here and 1265; a tough 20 or so points ahead for the index. 1229-1233 is important support, with 1225 and 1220-1223 below that. It took a flat day for the Dow (third chart) to outperform. Resistance is 10,700-10,750, and support is 10,650, 10,600 and 10,580.