Technical Analysis: A New Low For The Nasdaq
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Not much to cheer about today. About the only positive divergence we noticed was that new lows on both exchanges actually improved today. Other than that, the bears won the day. The Nasdaq (first chart below) could find support at 1812-1814 and 1776-1792; the latter appears to be a particularly strong support level. Resistance is 1829, 1838, 1842 and 1852. The S&P (second chart) is pushing its yearly low of 1076; below 1075, the index has support every five points down to 1050. Resistance is 1084 and 1089-1092. The Dow (third chart) has support at 9914 and 9852, and resistance is 9990-10,008, 10,025, 10,050-10,068 and 10,100.