Technical Analysis: Nasdaq Held Back Once Again

One ugly candlestick on the Nasdaq (first chart below) today — the index gapped over major resistance to start the day and then spent the rest of the day on the defensive. Resistance is 2097-2100, 2112 and 2118, and support is 2080, 2070-2073 and 2053. The Dow and S&P (second and third charts) both pushed through some big resistance levels today. The Dow finally cleared 10,600-10,620 resistance, only to get stopped at the 10,660-10,673 resistance level. Support is 10,573-10,620 and 10,550. The S&P (third chart) faces resistance at 1218-1220, 1223-1225 and 1229, and support is 1212, 1209 and 1205-1206.

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