Technical Analysis: Breakdowns
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Note: The Technical Analysis column will be on hiatus from Aug. 8-12, and will return Aug. 15.
A lot of breakdowns today, but at least volume has fallen the last two days and fear among options traders has spiked. Still, there was some technical damage today, which the indexes will now have to recover. The Nasdaq (first chart below) faces major resistance at 2200-2220, and support is 2164-2168, 2150-2158, 2144 and 2130-2140. The S&P (second chart) is back below 1229-1233, which is now first resistance, with 1240 and 1245-1265 above that. Support is 1225, 1220-1223, 1215 and 1207-1210. The Dow (third chart) broke 10,580 support today, which is now first resistance, with 10,650-10,750 above that. The next support zone is 10,470-10,530.