Technical Analysis: Techs Hang On
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A close call, but the Nasdaq and Nasdaq 100 (first two charts below) managed to hold on to critical support today. Now can they build on that important reversal? We'll redraw that trendline on the Nasdaq to give the techs a little more room, with first support at 2250, and critical support at 2240. The first big resistance level for the Nasdaq is 2278, with 2295 above that. No redrawing the line on the Nasdaq 100, which clearly broke down today before recovering. 1646 is critical support there. The S&P (third chart) has support at 1273-1277 and 1267-1268, and resistance is 1285 and 1295-1300. A nice breakout on the Dow (fourth chart); can it now hold that 11,050 support zone? A big outside day for long bond yields (fifth chart); can it mark a turning point for the bond market? And finally, commercial futures traders continue to find little to like about the S&P and Nasdaq, but so far the market has been able to withstand that selling pressure.