Another bounce attempt today, but once again it came on lower volume than yesterday, so it looks like a bounce in a downtrend based on the volume pattern. Still, the market was very oversold at the lows today and absorbed some pretty bad news, so it’s possible the market could put together a rally from here. The S&P (first chart below) is struggling at 1020-1021 resistance. If it can clear that, it could retest the highs at 1033. Support is 1010 and 1008. The Nasdaq (second chart) has resistance at 1860, 1880 and 1888, and support is 1812-1814. The Dow (third chart) bounced above the 9352-9361 level. 9440-9450 is first support, and 9500 and 9610 are resistance. The banks (fourth chart) have yet to make up their minds, but the set-up remains bearish below 882.
