Technical Analysis: Nasdaq Pushes Resistance

The Nasdaq (first chart below) ended the day just below the major 2100 resistance level today; above 2100-2117, the techs could run. Support is 2085 and 2065. The one negative for the techs is that they look pretty overbought here, but sentiment still appears to be a long way from toppy. The S&P and Dow (second and third charts) both put in “inside days” today, or ranges completely within yesterday’s range. That’s a sign of hesitation or indecision here; the jobs report tomorrow could hold the key. The S&P has resistance at 1205, 1210-1212 and 1218, and support is 1198-1200, 1194, 1191 and 1185-1188. The Dow faces resistance at 10,586-10,620, and support is 10,500-10,510, 10,420-10,440 and 10,405.

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