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Technical Analysis: Internals Improve

The indexes continue to bust through support levels, and the Dow and S&P (first two charts below) formed bearish "three black crows" patterns the last three days. Internals improved nicely today, however, so if the bulls want to attempt a rally, they have something to build on. To get anywhere, the bulls will have to recover 1075 on the S&P and 10,450-10,512 on the Dow. The next support for the Dow is 10,250-10,280. The S&P has support at 1160-1163 and 1150, and resistance is 1175, 1180 and 1189. The Nasdaq (third chart) has support at 2023-2030 and 2000, and resistance is 2040, 2050, 2058, 2065, 2073 and 2080.

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