Technical Analysis: Consolidating At The Lows

With the market’s failure to bounce, what we have is a consolidation at the lows, suggesting the possibility of more downside ahead. Whether that happens could be up to Cisco tomorrow night. The Nasdaq (first chart) has support at 2053, 2043, 2030, 2020 and 2000, and resistance at 2080-2085, 2100 and 2120. On the S&P (second chart), support is 1121-1125, and resistance is 1142-1144 and 1150. The Dow (third chart) could be forming a small head and shoulders top here, with support at 10,417-10,434, and resistance at 10,570-10,600.

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