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Wednesday, November 09, 2005 11:12:57 PM
Technical Analysis: Tech Stocks Pause
By Paul Shread
Three straight "doji stars" on the Nasdaq (first chart below) signal indecision here. A down day tomorrow would set up a bearish "tri-star" top here. 2166 is important support, with 2160, 2150-2153, 2145 and 2138 important levels below that. Resistance is 2183-2187 and 2100. Long bond yields (second chart) continue to create headwinds for stocks; 4.55 needs to go to get excited there. The Dow (third chart) faces resistance at 10,600-10,620, 10,670 and 10,700-10,720, and support is 10,500-10,520, 10,465 and 10,440. The S&P (fourth chart) faces resistance at 1226, 1228 and 1232, and support is 1215, 1210 and 1200-1205.
By Paul Shread
Three straight "doji stars" on the Nasdaq (first chart below) signal indecision here. A down day tomorrow would set up a bearish "tri-star" top here. 2166 is important support, with 2160, 2150-2153, 2145 and 2138 important levels below that. Resistance is 2183-2187 and 2100. Long bond yields (second chart) continue to create headwinds for stocks; 4.55 needs to go to get excited there. The Dow (third chart) faces resistance at 10,600-10,620, 10,670 and 10,700-10,720, and support is 10,500-10,520, 10,465 and 10,440. The S&P (fourth chart) faces resistance at 1226, 1228 and 1232, and support is 1215, 1210 and 1200-1205.
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