Technical Analysis: Still Waiting On The Nasdaq

A trendline that took almost two years to develop isn’t going to be precise within a point, but so far there’s no way to call the Nasdaq (first chart below) back inside the October 2002 uptrend line it broke down out of two weeks ago. 1894-1900 is first resistance, and 1910 is a biggie. Support is 1878-1881, 1870, 1860, 1856, 1853, 1846 and 1838. The S&P (second chart) made a good run at 1107 resistance today, but pulled back. If the index can clear 1108.6, 1117 and 1123-1125 are above that. Support is 1103, 1100, 1097, 1094, 1089 and 1086. The Dow (third chart) took out 10,163 resistance today, which now becomes first support. 10,230 and 10,307 are major resistance, and support levels are 10,150-10,163, 10,100, 10,085, 10,048-10,068 and 10,030-10,032.

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