Technical Analysis: Dow, S&P Hold Up

The Dow and S&P are holding up relatively well, but the Nasdaq (first chart below) has fallen and it can’t get up. Can the index do better at the important 2000 support level? The index is certainly oversold enough for a bounce. Support is 2000, 1990 and 1978-1980, and resistance is 2020-2022, 2030 and 2040-2044. The S&P (second chart) has support at 1136 and 1130-1132, and resistance is 1147, 1150, 1155 and 1160. The Dow (third chart) has support at 10,580-10,595, 10,569 and 10,550, and 10,645-10,650, 10,673-10,705, 10,750 and 10,800 are resistance. The equity put-call ratio, meanwhile, was a little complacent today. All in all, a market that could bounce at any time, but techs remain mired in a downtrend.

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