RealTime IT News

Technical Analysis: Techs Pull Back

While there wasn't much movement in the indexes today, the little movement there was didn't look all that inspiring, particularly the "outside days" leading to down closes on the Dow and S&P (first two charts below). After a big rally and at resistance, it's not the most inspiring of setups. Let's hope tomorrow's inflation data can change that. Speaking of inflation data, at least treasury yields (third chart) are trying to head in the right direction here. The Dow stalled at 10,720-10,753 resistance, and support is 10,660, 10,600-10,620 and 10,500-10,520. The S&P stalled just below the major resistance level of 1240-1246. Support is 1225, 1220, 1215 and 1211. The Nasdaq (fourth chart), meanwhile, pulled back hard after its own outside day yesterday. Support is 2182 and 2163-2167, and resistance is 2200, 2207 and 2220-2230.