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Technical Analysis: It's Now Up To The Blue Chips

The Dow and S&P (first two charts below) are the last hope for the bulls here, but they could bounce 2% and still be forming major head and shoulders tops here. The most important support here is 10,450 on the Dow; below that, 10,417 could provide support, but it would be hard not to call the index broken. To the upside, 10,500, 10,540, 10,600 and 10,650 are resistance. The S&P has support at 1170-1173, 1168 and 1160-1163, and resistance is 1182-1184, 1189, and 1195-1200. The Nasdaq (third chart) has possible support in the 2030-2040 range, and resistance is 2050, 2056, 2065, 2073 and 2080.