Technical Analysis: Nasdaq Hangs On

The Nasdaq (first chart below) is hanging onto its uptrend nicely here, but the bounce the last couple of days has so far been uninspiring. With the Fed set to raise rates for the third time on Tuesday, we wouldn’t be surprised if the old adage “Three steps and a stumble” plays out once again. Support on the Nasdaq is 1900, and resistance is 1920 and 1935-1940. The S&P (second chart) has support at 1126, 1120 and 1116, and resistance is 1130, 1135, 1140 and 1147. The Dow (third chart) is the weakest of the major indexes, remaining within the body of Wednesday’s big down day. Resistance is 10,317-10,325, 10,340, 10,363 and 10,400, and support is 10,270 and 10,228.