RealTime IT News

Technical Analysis: Techs Return To Support

Yesterday's poor internals caught up with the market today. The Nasdaq (first chart below) had a tough reversal of fortune, but managed to hold 2328-2333 support. 2350-2354 and 2375 are resistance for the techs. The Dow (second chart) stalled out again at the major 11,350-11,426 resistance level. 11,300, 11,250 and 11,200 are support. The S&P (third chart) continues to stall near its May 2001 high of 1316, with 1318 stopping the index the last two days. Support is 1306, 1303 and 1300. A bit lower and long bond yields (fourth chart) could give investors a break.