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Technical Analysis: Nasdaq, S&P Hang On

We said a sell-off on the Fed rate hike was likely, but we didn't expect it to be this sharp this soon. The Nasdaq (first chart below) hung on to 2013 support today, but not by much. 2000-2007 are also important support levels here. Resistance is 2023, 2031-2035, 2040 and 2060.

The S&P (second chart) held its recent lows at 1122-1125 today, and 1120 is important support below that. Resistance is 1130-1134 and 1140-1145. The Dow (third chart) did a little more damage, taking out 10,300 support before recovering. Support is 10,300, 10,275 and 10,254, and resistance is 10,380, 10,400, 10,440 and 10,470-10,485.

The banks (fourth chart) finally broke down today; not the greatest sign for the market. But on the plus side, fear ran high among options traders, and selling was heavy; those factors could provide fuel for a bounce. The June employment report will be released tomorrow morning. Note: The Technical Analysis will return on July 7.



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