Technical Analysis: Support Holds
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The best thing we can say for today is that the Nasdaq and the Dow (first two charts below) held some very critical support levels, and that's no small positive. Those levels for tomorrow are 1693 on the Nasdaq - which will have twice the support it had today because the index's rising trendline from the March low will be at that level tomorrow - and 9025 on the Dow. To the upside, resistance is 1727-1747 on the Nasdaq, and 9100, 9153, 9238-9278 and 9352 on the Dow. On the S&P (third chart), 973 is support, and 990 and 995-1000 is resistance. On the negative side, another -1,000 TICK on the NYSE, rising new lows and falling new highs suggest a potential trend reversal (Nasdaq new lows have yet to expand, a big plus), and if the indexes can't turn up tomorrow, they will all be on 14-week stochastic sell signals for the first time since the March lows (not pictured).