Technical Analysis: Lower Highs

The S&P and Dow (first two charts below) sure look like lower highs here. If that’s the case, the downside target could be just below the late August lows, but with fear among options traders quick to spike today, the bulls have some support if they want to turn this thing around. The S&P faces major resistance at 1244-1246, and support is 1225-1228. The Dow (third chart) has support at 10,560-10,570, 10,541 and 10,500, and resistance is 10,640-10,660 and 10,700-10,720. The Nasdaq (third chart) has important support at 2169-2170, with 2156-2160 below that. Resistance is 2185-2187.

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