Technical Analysis: S&P Hangs On
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The S&P 500 (first chart below) was the only major stock index to hold support today, which makes that 815 support level doubly important now; if it goes, we could be headed back to the lows at 741.
To the upside, a move above today's high of 851.59 could open the way to a test of the critical 880-900 resistance zone.
The Nasdaq (second chart) lost 1480 support before recovering today. If 1456 goes, the index could be headed to 1400. To the upside, 1540, 1560 and 1600 are resistance.
The Dow (third chart) slipped below 8000 before finding buyers. First support is 8100, with 7800 and 7500 below the 8000 level. To the upside, 8300-8350 and 8600 are resistance.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association.