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Technical Analysis: Critical Levels For The Market

The Nasdaq and S&P (first three charts below) are at critical levels here. If the Nasdaq can bounce from here, upside is still possible because the index might have completed a three-wave correction off the top, an ABC correction in Elliott wave terms. 1640-1648 is first support, then 1625 and 1600. 1685 is major resistance. The S&P needs to hold the 960 level, an important breakout point back in May. Below that, 950 and 920-930 are the next support levels, and the index faces a ton of resistance at 986-990. The Dow (fourth chart) has support at 9000, 8931-8950 and 8871, and resistance is 9100, 9150 and 9200. The Internets (charts five and six) are in tough shape, but the SOX and BKX (not pictured), the chips and banks, held up well today, a hopeful sign.

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