Technical Analysis: Nasdaq Hits Resistance
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The Nasdaq (first chart below) made a valiant effort, but it was once again stopped at a resistance line that has capped rallies for the last two years. If techs are going to correct, this looks like a possible spot. Resistance is 2234 and 2252, and support is 2220 and 2200-2207. The S&P (second chart) faces major resistance at between 1250 and 1260, and then again at 1275. Support is 1239-1240, 1235 and 1229-1233. Bonds (third chart), meanwhile, still look a little shaky here. We're still waiting for a sustained advance there. The Dow (fourth chart) faces resistance at 10,800 and 10,868, and support is 10,720, 10,650-10,670 and 10,600-10,620.