Technical Analysis: Breakout Failure?
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The S&P 500 (first chart below) is on the verge of a breakout failure if it ends the week anywhere below 1131.5. Much will depend on tomorrow's jobs and GE earnings reports. To the downside (second chart), support is 1128, 1125, 1120 and 1113, and resistance is 1135, 1142 and 1146. The Nasdaq (third chart) sure didn't spend much time above its 200-day moving average. A gap down tomorrow would create an island reversal, targeting 1850 to the downside. Support is 1940-1942, 1933 and 1926, and resistance is 1965 and 1971. The Dow (fourth chart) closed right on its 50-day average. To the downside, support is 10,100, 10,080, 10,050 and 10,035, and resistance is 10,160, 10,200, 10,240 and 10,280-10,300.