Technical Analysis: Major Support Gets A Workout
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The market sliced right through the first support levels this morning and kept on going, all the way to major support on the S&P (see first chart below). If 1015 goes, the S&P could be in trouble. On the plus side, volume was lower today, and new lows have yet to expand at all, so sellers don't appear to be turning out in force just yet. Resistance on the S&P is 1032-1036 and 1042. On the Nasdaq (second chart), support is 1860 and 1850, and resistance is 1888, 1900 and 1914. The Dow (third chart) has support at 9500 and 9352-9361. Resistance is 9610, 9642-9645 and 9686. Are the banks (fourth chart) going to retest their recent breakout? If so, it needs to hold.