Technical Analysis: Nasdaq, S&P Test Big Levels

The Nasdaq (first chart below) is pushing an 18-month trendline at around 2220 here; if the index can get through that, 2251 could be the next target. 2200 should now be solid support. The S&P (second chart) faces major resistance between here and 1260, and 1229-1233 is now important support, with 1225 and 1220-1223 below that. The laggard Dow (third chart) remains the puzzle here; if they can’t get going, it’s going to be tough for the rest of the market to clear these tough resistance zones. Resistance on the Dow is 10,700-10,750, and support is 10,650, 10,600 and 10,580.

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