Technical Analysis: Bulls Running Out Of Chances

This is pretty much what we’d like not to see: supports are breaking and then becoming resistance on the upside — that pretty much defines a downtrend. The Nasdaq (first chart below) would end any hope of reestablishing its August uptrend with another down day tomorrow. Resistance is 2080-2083 and 2095-2100, and support is 2066-2068 and then a wide zone from 2040-2060. The S&P 500 (second chart) has support at 1175, 1172, 1168 and 1163, and resistance is 1182-1183, 1187-1188 and 1195-1200. The Dow (third chart) has support at 10,485-10,490 and 10,450, and resistance is 10,580.

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