Technical Analysis: Bulls Take A Beating
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Technically, not a pretty picture today, with breakdowns on the S&P and Nasdaq. On the plus side, fear is running high among option traders, and the NYSE internals were pretty strong under the circumstances. The S&P 500 (first chart below) completed its breakout failure today with a close back below its main downtrend line, a negative. Resistance is 1130 and 1140, and support is 1120, 1115, 1110 and 1107 (see second chart). The Nasdaq (third chart) created something of an island reversal over the last six days, which suggests downside potential to 1850. Support is 1910, 1900 and 1875, and resistance is 1926, 1933, 1940-1942 and 1948. The Dow (fourth chart) has major support at 10,040, 10,000, 9980 and 9960, and resistance is 10,100, 10,120 and 10,160.