Technical Analysis: Nasdaq Clings To Support

The Nasdaq (first chart below) continues to cling to its uptrend, but it wouldn’t take more than a few points of downside tomorrow to break it. 1905, 1900, 1995 (a second potential uptrend line) and 1876-1880 are support, and 1921 and 1933-1940 are resistance. The Fed is expected to raise rates for the third time tomorrow, historically a negative for stocks. The S&P (second chart) has support at 1120, 1115-1116, 1110 and 1100, and resistance is 1130-1135. The Dow (third chart) broke down out of a trading range today. Resistance is 10,230 and 10,290, and support is 10,187 and 10,120.

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