Technical Analysis: Nasdaq Breaks Down
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The Nasdaq (first chart below) gapped down out of a bearish rising wedge today — not the prettiest of pictures for the bulls. Support is 1830, 1821, and 1808-1810, and resistance is 1840-1842, 1856 and 1866. At least there wasn't much volume behind the move, and the end of the month/start of the month inflows could help the market the rest of the week. Next week begins the seasonally unfavorable Sept. 5-Oct. 27 period. The S&P (second chart) also broke down today. Support is 1095 and 1087-1090, and resistance is 1103 and 1107-1112. The Dow (third chart) has support at 10,100 and 10,080, and resistance is 10,135-10,150, 10,200-10,220 and 10,255.