Technical Analysis: Techs Break Down

The Nasdaq (first chart below) fell back below its multi-year trendline today, a defeat for the bulls. Resistance is now 2245, with 2260 above that, and support levels are 2230-2232, 2220 and 2200. The S&P (second chart) has support at 1255 and 1246-1250, and resistance is at 1269 and 1275. The Dow (third chart) has support at 10,850, 10,800 and 10,740-10,770, and resistance is 10,940-10,960. Long bonds (fourth chart) continue to provide little support here.

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