Technical Analysis: Techs Hang On
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The blue chips may have taken a beating today, but the Nasdaq (first chart below) held on nicely to last week's major breakout, closing right on that big two-year trendline. Much lower and 2220 comes into play, with 2200 below that. 2243, 2252, 2260-2264 and 2269 are resistance. The S&P and Dow (second and third charts) broke their October uptrends today. The S&P has important support at 1246, and 1237-1240 is a big level below that. Resistance is 1258, 1263-1266 and 1270-1280. Below 10,800 on the Dow and 10,700-10,750 comes into play, with 10,640 below that. Resistance is 10,880-10,900 and 10,950-11,000. Things got a little dangerous for bond yields (fourth chart) today, but they managed to hang on.