Technical Analysis: Techs Play Catch-Up

Right on cue, the Nasdaq (first chart below) turned it on today, removing one concern for the market. Still, the index remains range-bound and must take out 2360 and 2375 to the upside. Support on the techs is 2343, 2325 and 2315. The S&P (second and third charts) faces major resistance at 1382-1389; if the index can get through that, 1400-1425 looks like the next big level. Support on the S&P is 1375 and 1353-1354. The Dow (fourth chart) has major support levels at 12,050, 12,000 and 11,850. Bond traders (fifth chart) had a surprising response to the Fed’s hawkish comments today.

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