Technical Analysis: Stocks Tread Water

With no earnings to speak of and no inflation data due out until next week, investors will be focused on Fed Chairman Alan Greenspan’s testimony Thursday morning, hoping for signs that the Fed’s rate hike campaign will soon draw to a close. The Nasdaq (first chart below) continues to pause at the major 2100 resistance level. The index held some major support levels today and must hold the 2066-2072 level tomorrow. A big decision point here for the Nasdaq. The S&P (second chart) has support at 1189-1192, 1185 and 1180, and resistance is 1200, 1205 and 1210-1212. The Dow (third chart) has major support at 10,424-10,430 and 10,405, and resistance at 10,500-10,510 and 10,573-10,620.