Technical Analysis: Mid-Term Test
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The S&P (first chart below) got as low as 1225 today, just above its mid-term election year low of 1219 from 2006. Mid-term lows have held for at least a few years since 1934, so some kind of bounce seems likely soon. If there's any good news on the financial front, it could be a good one.
To the upside, 1257 is first resistance for the S&P, with 1277, 1292 and 1304 above that.
The same support level on the Dow (second chart) is at 10,683-10,739; the index got as low as 10,977 today. To the upside, the Dow needs to clear 11,270, 11,434-11,485 and 11,634-11,750.
The Nasdaq (third chart) found support just above 2200 today, with 2155 the next level below that. To the upside, 2267, 2280 and 2294 are resistance.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association.