Technical Analysis: Indexes At Support
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Despite a deeply oversold market, there has been no bounce to speak of. Perhaps next week, when the pressure of option expiry lifts, will be better. For now, the indexes are all sitting right at or near major support, so a waterfall down tomorrow is possible if those levels go. The Nasdaq (first chart below) has important support at 1897-1900; below that, 1880 and 1865 come into play. Resistance is 1922, 1930 and 1940-1946. The S&P (second chart) is sitting right at 1106 support, and 1103 is critical. Resistance is 1114, 1117 and 1123. The Dow (third chart) is sitting right on 10,162 support; 10,121-10,134, 10,093 and 10,074 are next, and resistance is 10,200-10,225, 10,257-10,286 and 10,307. Finally, even the once-promising banks (fourth chart) have turned back down.