Technical Analysis: Closing In On Support

About the only good news is that the Nasdaq and Dow are closing in on some major support here. The Nasdaq in particular (first two charts below) has a cluster of support around 1975-1980: the index’s October 2002 uptrend line, 50-week moving average and 200-day moving average are all around that level. A good place to look for a bounce. Resistance is 2020, 2034-2044, 2050, 2058, 2065 and 2073. The Dow (third chart) has major support in the 10,250-10,280 area, and 10,450-10,500 is major resistance. The S&P (fourth chart) has major support at 1160-1163, and major resistance at 1175.

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