Technical Analysis: Bye-Bye Support

The one bright spot today was that fear among options traders picked up; it was otherwise a day of broken support levels for the bulls. The Nasdaq (first chart below) continues to lead the way lower, with the major support level of 2106-2112 a possible target for the techs. Resistance is 2139-2140, 2155 and 2161. The S&P (second chart) gave up 1225 support. 1223, 1225 and 1227 are resistance, and 1220, 1216 and 1212 are support. The Dow (third chart) has support at 10,430, 10,400 and 10,350, and resistance is 10,500-10,520, 10,580 and 10,620.

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