Technical Analysis: Approaching Oversold
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Two straight big declines on rising volume; a sign that the trend may be changing. The market reached short-term oversold levels today, so we could get a bounce soon even if the trend has turned down. The Nasdaq (first two charts below) has support at 2050-2060 and 2000-2010, and resistance is 2080, 2095-2100 and 2120. The S&P (charts three and four) has support at 1121 and 1112-1115, and resistance is 1132, 1140 and 1145. The Dow (charts five and six) has support at 10,437-10,450, 10,400 and 10,350-10,368, and resistance at 10,500, 10,535, 10600 and 10,625.