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Technical Analysis: Oversold

The internals continue to weigh on the market, but with the indexes short-term oversold after back-to-back days of heavy selling, we wouldn't be surprised to see a bounce soon. The NYSE TRIN was very low today for a down day (.63), suggesting that there might be some accumulation here. The Nasdaq (first chart below) has support at 2011-2016, 2000 and 1991, and 2040, 2050 and 2060 are resistance. The S&P (second chart) has support at 1126, 1122, 1120, 1115 and 1110, and resistance is 1134, 1138-1140 and 1145-1146. The Dow (third chart) has support at 10,300-10,330, 10,270, 10,220, 10,180 and 10,108, and resistance is 10,420-10,450.