Technical Analysis: The Nasdaq Keeps On Trucking

Quite a day for the Nasdaq (first chart) considering the precarious set-up the index entered the day in. However, at 7-8 days, the rally is now up there with some of the longer ones in recent years and could be due for a breather. Tomorrow morning’s employment report could dictate whether the rally extends into another day. Support on the Nasdaq is 1849-1853, and resistance is 1900-1940. The S&P (second chart) faces resistance at 1033 and 1051, and 1015 is critical support. The Dow (third chart) has support at 9570, 9500-9520 and 9352-9361, and is running into a major trendline here (fourth chart). The banks (charts five and six) still don’t look so great and remain the one weak spot for the market.

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