Technical Analysis: Breakdowns
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The Dow and S&P (first two charts below) broke their uptrends today, following the Nasdaq's (third chart) breakdown yesterday. Again, the indexes could be starting a "C" wave down here to complete the correction begun in May, just in time for the four-year cycle low next month. The Dow closed right at 11,330 support, with 11,250 below that. Resistance on the blue chips is 11,430 and 11,460. The S&P faces resistance at 1305, and support is 1289-1292 and 1281. The Nasdaq needs to hold 2150 or 2132 and 2115-2125 come into play. Resistance is 2175, 2195 and 2200. Bond yields (fourth chart) flirted with a breakout but then turned back.