Technical Analysis: Techs Hang Tough
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Another solid showing for the Nasdaq (first chart below) today, holding 2328-2333 support with aplomb. If that goes, 2320 becomes important support. The index put in an inside day, and it does seem to be climbing in a bearish rising wedge, so the bullish case is not a slam dunk here, but Monday will bring the support of first-of-the-month inflows. Resistance is 2350 and 2360. The Nasdaq 100 (second chart) also put in an inside day near critical 1717-1720 resistance. The Dow and S&P (third and fourth charts), meanwhile, finished the week below two-year trendlines. 11,000-11,050 is important support on the Dow, and 11,230-11,250 is resistance. 1305, 1310 and 1316 are resistance on the S&P, and support is 1290 and 1284. Long bond yields (fifth chart) finally took a breather today.