Technical Analysis: Breakdowns
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The Dow and the S&P (first two charts below) broke a lot of support today. However, the breakdowns came on lower volume, and the equity put-call ratio was a very high .89. Let's see how the indexes do on any bounce tomorrow. If the Dow can recover 8522-8530, the indexes could make another run at the highs. On the S&P, 919-920 is pretty solid support; below that, 8310-8325 on the Dow looks to be the next best support, perhaps coinciding with S&P 900. Resistance on the S&P is 932-933 and 940. The Nasdaq (third chart) has strong support at 1480. Resistance is 1500 and 1521-1530.
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