Technical Analysis: Nasdaq Must Turn Up Soon

The Nasdaq (first chart below) needs to hold 1963 on a closing basis, or it will look suspiciously like a small head and shoulders top over the last three weeks. First support levels are 1975 and 1971, and resistance is 1994, 1998-2002, 2007, 2012 and 2023. A move above 2007 would begin to throw the bearish head and shoulders pattern into doubt. The S&P (second chart) has support at 1130 and 1119-1126, and resistance at 1135-1137, 1140 and 1142. The Dow (third chart) has support at 10,300-10,330 and 10,255, and resistance at 10,380-10,433. One negative here: for the first time in months, put buyers aren’t showing much fear on pullbacks.

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