Technical Analysis: Indexes Break Down
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It's a little late, but seasonal weakness may have arrived after all. The indexes all broke major support levels today. If there's any comfort for the bulls, it's that the decline may have been too much too soon, and that fear ran high among options traders today. That said, the technical picture sure isn't pretty. The Nasdaq (first chart below) gapped down over its main uptrend line today. Resistance is 1895, 1900, 1908 and 1920, and support is 1876-1880, 1862-1865 and 1850. The S&P (second chart) broke 1120 support and its 200-day moving average. Resistance is 1117 and 1120, and support is 1110 and 1101. The Dow (third chart) is the weakest of them all. Support is 10,080, 10,050 and 10,000, and resistance is 10,118, 10,160, 10,187 and 10,200.