Technical Analysis: Dow, S&P Approach Major Support

The set-up isn’t pretty, with the major indexes completing “falling three methods” bearish continuation patterns today, but at least the Dow and S&P (first two charts below) are approaching their January lows, where they could find support. The Dow has major support at 10,368-10,376, while 10,534 appears to be the level to beat to the upside. The S&P is sitting right on the major support level of 1164, with 1150 below that, and 1180 is the level to beat to the upside. The Nasdaq (third chart) barely held 1970 support today, with 1940-1950 below that, and resistance is 1985, 1993 and 2000-2008.

News Around the Web