Technical Analysis: Resistance Holds

The Nasdaq and S&P (first two charts below) stalled out at some big resistance levels today. The Nasdaq (first chart below) faces major resistance at 2200, and looking at the weekly chart, 2215-2220 could be just as tough. Support is 2180, 2170, 2164-2165, 2150-2159 and 2144. The S&P (second chart) faces a whole lot of resistance from 1244-1255 — Fibonacci, trendline, old highs and lows, it’s all there. Support is 1229-1233, 1225, 1220-1223 and 1217. The Dow (third chart) just can’t seem to get very far. Resistance is 10,700-10,750, and support is 10,600, 10,580 and 10,490-10,515.

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