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.
