Technical Analysis: Keep An Eye On The Techs

The Nasdaq (first chart below) continues to puzzle us here. The index remains mired in a downtrend, it closed below its open today, and volume and the advance/decline line lagged today. The bigger picture looks good, but the techs have us a little worried here. Resistance is 2078-2080, and support is 2066, 2060, 2050 and 2040. The Dow and S&P (second and third charts) both broke out to multi-year highs today. 11,000 is the next big level for the Dow, and 10,868 should now be support. The S&P faces major resistance in the 1227-1244 range, and support is 1215-1218.

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