Technical Analysis: Techs Break Down
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The Nasdaq (first chart below) broke down out of a multi-month symmetrical triangle today. 2008 is the last hope for the index to hang onto its trading range, although 1992-2000 could also be strong support. The index needs to get back above 2033 to reverse today's breakdown. The S&P (second chart) continued its move down out of its October uptrend broken yesterday. The next support levels are 1185 and 1175-1178, and resistance is 1194 and 1203. The Dow (third chart) broke its October uptrend too today. The next supports are 10,600-10,612 and 10,500-10,550, and resistance is 10,670 and 10,750. Fear remains high among options traders, but that hasn't been much help thus far.