Technical Analysis: Nasdaq Holds Support
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The Nasdaq (first chart below) held important 1599-1600 support nicely today. While the Nasdaq 100 could go as low as 1167 and still be bullish (today's low was 1189), the Nasdaq would form a nice bullish rectangle/Elliott wave flat correction if it goes no lower than 1599. First resistance is 1620-1625. The S&P (second chart) held its uptrend out of the March low today. Below 977-980, 960-963 is next support, and resistance is 993 and 1000-1004. The Dow (third chart) has support at 9000 and 8931, and resistance at 9150 and 9210-9220. The internals continue to deteriorate, and new highs on both exchanges have gone from more than 500 to less than 100. If new lows begin to rise, the market could be in trouble. The NYSE remains on an intermediate term buy signal, but the Nasdaq gave a tentative intermediate term sell signal today. The signal can reverse at any time, and whipsaws are possible, but the trend on the Nasdaq appears to be turning down. The NYSE must still confirm that signal, however.
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