Technical Analysis: Techs Hang On
Page 1 of 1
The Nasdaq (first chart below) held its 50-day average again today, giving the bulls some hope heading into Friday's jobs report. The indexes traded in a narrow range within yesterday's trading ranges, making first resistance levels important for tomorrow. To the upside, 2621 is first resistance for the Nasdaq, with 2628-2634, 2650 and 2675 above that. Below 2596 and 2576 comes into play. The S&P (second chart) has support at 1467, 1460 and 1455, and resistance is 1481, 1488, 1496 and 1504. The Dow (third chart) has support at 13,250 and 13,182, and resistance is 13,400, 13,442 and 13,500. The 10-year yield (fourth chart) backed up a little today, but remains in a strong downtrend.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association