Technical Analysis: Stocks Break Down
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The Dow and S&P (first two charts below) broke short-term uptrends today, and the Nasdaq (third chart) fell back into its recent downtrend, as the market is running into difficulty as it approaches its yearly highs. The Dow has major support in the 10,650 zone, and resistance is 10,868. The S&P has support at 1194-1196 and 1190, and resistance is 1205, 1212 and 1218. The Nasdaq has support at 2050-2055, and resistance is 2080 and 2100-2106.