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Technical Analysis: It's Weekly Chart Time

The bad news is that after today, we need to go to weekly charts to find the next support levels. The good news is that support is pretty solid. Also on the plus side, fear among options traders ran extremely high today. Selling has been extreme the last two days, another hopeful sign for a bounce, but not so extreme that we got a 90% downside volume day on either exchange. The Nasdaq (first chart below) is sitting right at 1776 support; if that goes, 1750 is the next possible support level. Resistance is 1792, 1805, 1821 and 1829. The S&P (second chart) could find support in the 1050-1060 range. Resistance is 1070 and 1075-1079. The Dow (third chart) has strong support in the 9650-9750 range (today's low was 9793). Resistance is 9852, 9914 and 9990-10,008. Under Dow Theory, the Transports (fourth chart) are a long way from confirming the Dow's move to new lows. Knock on wood.



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