Technical Analysis: S&P At Resistance
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The S&P (first chart below) is back testing yesterday's breakdown out of a symmetrical triangle. That line should be at 832-833 tomorrow; above that, 836 and 840 are resistance. Support is 818, 806, 800 and 768-775. The Dow (second chart) is some distance from a good test of its breakdown; that broken triangle line should be at about 7810-7820 tomorrow. Support is 7629, 7500 and 7200. The Nasdaq (third chart) has resistance at 1320-1323, and support at 1300, 1292, 1275-1280 and 1260. The SOX (fourth chart), the semiconductor index, is back testing its own breakdown from yesterday. The internals were lackluster on both exchanges today, suggesting that there might not be too much more to this bounce.
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