Technical Analysis: Nasdaq Remains Stuck

The Nasdaq (first chart below) remains stuck in the same trading range it’s been in since early January. Resistance is 2078 and 2100, and support is 2067, 2050 and 2040. The rest of the market may look good, but the techs remain stuck. The Dow (second chart) has important support at 10,850-10,868, and resistance is 11,000. The S&P (third chart) has support at 1215-1218, and 1227-1244 is major resistance — that’s the point where the leg up off the August 2004 lows would equal the first wave up off the October 2002 lows, completing five waves up off the October 2002 lows (see fourth chart below) — a place where Elliott wave theorists would be on the lookout for the start of a deep correction.

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