Technical Analysis: The Nasdaq Approaches A Big Level

The Nasdaq (first two charts below) is approaching its 200-week moving average at 2128, a major resistance level. The techs have been in one tight trading range for the last week. First resistance is 2122-2125, and support is 2092-2095 and 2077-2080. The S&P (charts three and four) continues to be stopped at its broken December uptrend line. That resistance line should be at 1141 tomorrow. 1137 is first resistance and 1147 is major resistance, the 50-month moving average. Support is 1129, 1124.50 and 1120.90. The Dow (charts five and six) faces resistance at 10,600, 10,620 and 10,673, and support is 10,525, 10,500, 10,477, and 10,450.

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