Technical Analysis: Market On The Edge
Page 1 of 1
If this move down is going to be just a correction, this would be the place for the market to turn, after the targets we gave yesterday were hit. Much more downside and we have more than a simple correction in an uptrend. The Nasdaq (first chart below) has support at 1953 and 1946, and critical support is 1933-1940. If that goes, the target would be the March lows at 1897-1900, and possibly lower. Resistance is 1967-1973. The S&P (second chart) has support at 1108-1111, 1098-1103, and 1087-1091. Resistance is 1115-1118, 1120-1122, 1126 and 1130. The Dow (third chart) has support at 10,250, 10,217, 10,182, 10,108 and 10,000-10,008, and resistance is 10,300-10,333 and 10,400. A couple of positives to note: the equity put-call ratio is getting there, and the market is entering the start of the month rally period. After that, it's up to the Federal Reserve on Tuesday.