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Technical Analysis: Banks Make a Stand

The best hope for the market here is the bank index (first chart below), which held its 200-day moving average for the second time today, benefiting from the flight to quality in bonds (second chart). Financial and oil stocks are contributing to the relative outperformance of the S&P (third chart). The S&P faces resistance at 1240, 1245 and 1250, and support is 1232, 1228 and 1219. The Nasdaq (fourth chart) has major support at 2000-2025, and resistance is 2065 and 2090. The Dow (fifth chart) retested its lows today. Support is 10,700 and 10,667, and resistance is way up at 10,900 and 10,936. Quite a freefall.