Technical Analysis: Dow, Nasdaq On Support

With the S&P (first chart below) breaking down, the best hope for the bulls becomes the Nasdaq and Dow (second and third charts). The Nasdaq has major support at 2100-2106, with 2078 below that, and the Dow has major support at 10,332-10,349. If those levels hold, the market correction could be complete. On the plus side, fear among options traders continues to spike. Resistance on the Nasdaq is 2112 and 2130-2140, and at 10,450 and 10,500-10,520 on the Dow. The S&P has next support at 1199-1201, and resistance is 1213, 1220 and 1225.

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