Technical Analysis: S&P, Nasdaq Break Out

The indexes turned up today, and with any luck, tomorrow’s first-of-the-month inflows will keep the rally going. The Nasdaq (first chart below) cleared its downtrend today. The next resistance levels are 2156 and 2174-2176, and 2140 and 2130 are important support levels. The S&P (second chart) also cleared its downtrend today, but faces another tough resistance level at 1225. 1214-1216 is support. The Dow (third chart) is once again the laggard. Resistance is 10,500, 10,525, 10,538-10,540 and 10,570, and support is 10,400 and 10,350-10,360.

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