RealTime IT News

Technical Analysis: A Turn Back Down

The Nasdaq (first chart below) is behaving very much like a broken index: a breakdown, a rally to retest the breakdown, and then a turn back down. Not a pretty picture. Support is 1856, 1853, 1846, 1838 and 1829, and resistance is 1861, 1870, 1878-1881 and 1894-1900. The S&P (second chart) has resistance at 1102, 1104 and 1106-1108.6, and support is 1097, 1094, 1089 and 1086. The Dow (third chart) has resistance at 10,130-10,135, 10,150-10,163, 10,200 and 10,235, and support is 10,100, 10,085, 10,048-10,068 and 10,030-10,032.