Technical Analysis: Techs Hang On

The Nasdaq (first chart below) bounced just above critical support today, the bottom of the index’s two-month trading range. That lower trendline should be at about 2033 on Monday; below that, the index could be headed a hundred points lower, duplicating its January decline. Resistance is 2070 and 2100. Put volume remains active here, which could help the bulls. The Dow (second chart) held its January uptrend today, but needs to turn up Monday. If it continues lower, 10,677-10,710 is critical support. 10,850-10,868 is major resistance. The S&P (third chart) held critical 1195-1200 support today, but it too needs to turn up on Monday. Resistance is 1213-1218.

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