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Technical Analysis: Nasdaq Breaks Down

The Nasdaq (first chart below) gave up its uptrend line from late April today; not the greatest sign for the bulls. Resistance is now 2144 and 2155-2160, and the next support levels are 2127-2128, 2114-2116 and 2106. The S&P (second chart) is the best hope for the bulls here, with two equal-length legs down off the high of two weeks ago — a possible complete correction there that needs to turn up soon. Support is 1218 and 1214, and resistance is 1223-1226, 1229-1233 and 1239. It's hard to find something nice to say about the Dow (third chart), which has been the weakest index for months. Support is 10,500, 10,480 and 10,440, and resistance is 10,530-10,540 and 10,570-10,580.