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Technical Analysis: Bye-Bye Support

The S&P and Dow (first two charts below) gave up their recent downtrend line breakouts today, a negative for the market. The S&P has resistance at 1160-1164 and 1170-1175, and support is 1145-1146. The Dow has support at 10,050-10,075 and 10,000, and resistance is 10,190, 10,215 and 10,280. The Nasdaq (third chart) is outperforming for the first time this year, a striking divergence for the market. That could well be a positive, as investors are finally finding something they like, but if so, the blue chips will need to follow. 1964 is important support, and 1982, 1994 and 2003 are tough resistance levels.