Technical Analysis: Techs Test the Lows

The Nasdaq (first chart below) is once again testing the 2000 level; if that goes, 1850-1900 could be next. On the plus side, the index didn't set a new intraday low today. To the upside, 2050 is first resistance, with 2065 and 2090-2100 above that. The Dow (second chart) has support at 10,800 and 10,700, and resistance is 10,900, 10,945 and 11,000-11,040. The S&P (third chart) held 1240 support today, an uptrend that dates back to August 2004. Below that, 1232, 1228, 1225 and 1219 come into play. Resistance is 1251 and 1260-1265. Long bond yields (fourth chart) held the 5% level today.