RealTime IT News

Technical Analysis: A Star Appears on the Nasdaq

One heck of a nice breakout on the Nasdaq (first chart below) today — but the index looks a little wobbly ahead of tomorrow's big jobs report. The index barely closed higher than its open, forming a beauty of a "doji star" here, suggesting indecision, and internals on both exchanges deteriorated today. The index faces resistance at 2070 and 2087, and support is 2153, 2140-2142 and 2130. Again, stocks face significant headwinds without the support of the bond market (second chart), with yields still in a strong uptrend. The Dow (third chart) faces resistance at 10,561 and 10,600, and support is 10,500 and 10,460-10,470. The S&P (fourth chart) cleared a big hurdle. The next levels to the upside are 1226 and 1232, and support is 1215-1217 and 1210.