Technical Analysis: Nasdaq Ends Week At Resistance

The Nasdaq (first chart below) ended the week right at its downtrend line; a nice recovery for the index after yesterday’s failed breakout. Almost any move up Monday could give the index room to run, while support is 2270-2273. The S&P (second chart) put in an “inside day,” reflecting indecision, at the major resistance level of 1295. Support is 1285-1286, 1282 and 1274-1275. The Dow (third chart) has begun to lag the last couple of days. Resistance is 11,150 and 11,200, and support is 11,050, 11,000 and 10,960. Longs bonds (fourth chart) continue to remain undecided here; five straight days in a narrow range.

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