Technical Analysis: Nasdaq Stalls At Its Yearly High

The Nasdaq (first chart below) took on its 2153 recovery high today and came up short, but Intel’s surprisingly strong guidance after hours should give the index another run at that level tomorrow if the November jobs report doesn’t contain any negative surprises. Above 2156, the index could find major resistance in the 2200-2300 range. Support is 2127-2132, 2118-2120, 2112 and 2096-2104. The S&P 500 (second chart) continues to attempt the difficult resistance zone of 1190-1200. 1227-1244 could be the target above that, and support is 1186-1189, 1183, 1178-1180, 1172 and 1160-1167. The Dow (third chart) faces resistance at 10,602-10,630, 10,670 and 10,753, and support is 10,520-10,560, 10,480-10,500 and 10,400-10,417.

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