Technical Analysis: Volume Dries Up

The Nasdaq (first chart below) continues to “wedge” higher on falling volume — not the greatest recipe for a sustained rally. The index could be due for a sharp pullback at any time, but dip buyers could sustain this rally a while longer. 1860 is important support, and 1850 and 1840 are below that. 1866-1870 and 1880 are resistance. The S&P (second chart) doesn’t look much better. Resistance is 1111 and 1113, and support is 1105-1106, 1100-1102 and 1095. The Dow (third chart) faces resistance at 10,255, and support is 10,173, 10,145, 10,130, 10,100 and 10,080.

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