Technical Analysis: All Tech, All The Time

The Nasdaq (first chart below) continues to gain nicely. The problem is that it may be coming at the expense of the broader market, which continues to lag here. Unless the broader market can join the rally soon, the market could be vulnerable to a correction. The Nasdaq is as overbought as it’s been in recent months, so it could use at least a pause soon. Support is 1898-1900 and 1876-1880, and resistance is 1920, 1925 and 1935-1940. The S&P (second chart) ran into 1130 resistance today, and 1135 is a tough level above that. Support is 1122 and 1115. The Dow (third chart) has major support at 10,280. Resistance is 10,340-10,363 and 10,400.

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