Technical Analysis: Nasdaq, S&P At Key Levels

The Nasdaq (first two charts below) closed right at its January 2002 peak today. 2107-2110 is first resistance, and above that level, 2141-2163 is the next major resistance zone. Support is 2077-2080, 2066 and 2047-2050. Momentum clearly remains up, but the preponderance of calls below puts the market at risk here. The S&P (third and fourth charts) closed right at 1131 resistance. Next is 1135, 1146 and then 1170-1177, the 2002 peak and the 50% retracement off the all-time high. 1122-1123 is critical support. The Dow (charts five and six) has major resistance at 10,670, with 10,800 above that, and support is 10,550, 10,500, and 10,450.

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