Technical Analysis: Nasdaq Pulls Back

The Nasdaq (first chart below) pulled back inside what looks like a bearish rising wedge today. So far we’d have to say the rally doesn’t look very impressive, but we wouldn’t be surprised to see it continue a while — dip buyers and momentum seem to favor the bulls for now. That said, a move below 1850 could be the start of a pullback; support levels below that are 1840 and 1830. Resistance is 1861-1865, 1870 and 1880. The S&P (second chart) also looks a little wedge-like; below 1102, a correction could begin there too. Below that, 1100 and 1095 are support, and 1106-1110 is major resistance. The Dow (third chart) has support at 10,145, 10,130 and 10,080, and resistance is 10,200 and 10,250.

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