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Technical Analysis: Stocks Threaten Support

Another day with support under pressure. This time it was the S&P (first chart below) that gave up a big level, while the Nasdaq (second chart) threatened major support before recovering to barely hold on. The S&P joins the Dow (third chart) as another index slipping into a wide support zone. The first levels to watch are 1175 and 1180, with 1150-1165 below that. To the upside, the S&P needs to get back above 1197-1201 and 1205. The Nasdaq almost gave up critical 2077-2080 support before recovering. To the upside, 2100-2112 is the first major test. The Dow has wide support between 10,000 and 10,200, and 10,385-10,390 is the level to beat to the upside.