Technical Analysis: Lower Highs

Despite today’s gains, the indexes couldn’t take out yesterday’s highs, setting up those levels as firm resistance at this point and one more sign that the market may need a breather here. The Nasdaq (first chart below) faces resistance at 2164 and 2192, and support is 2145, 2135, 2128, 2113-2116 and 2100-2106. The S&P (second chart) faces resistance at 1229 and 1233, and support is 1223.5 and 1216-1220. The Dow (third chart) remains stalled at 10,656-10,673 resistance, with 10,700 and 10,750 above that. Support is 10,600 and 10,570.

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