Technical Analysis: Nasdaq Pushes Resistance

The Nasdaq (first chart below) ran into 2100-2106 resistance today, a key level the techs will have to clear if they’re going to extend this rally. On the plus side, the index held support at its old downtrend line, which should be at about 2078 for tomorrow. The Dow (second chart) pushed its yearly high at 10,868 today, but was turned back. The index is starting to “wedge out” here, which is a negative since it implies the rally will run out of room eventually. 10,790 is important support. The S&P (third chart) is also wedging out here. 1202 is important support, and resistance is 1213 and 1218.

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