Technical Analysis: Major Supports Loom

It’s been a long time since we’ve seen heavy selling and heavy bearishness without a bounce. With the indexes coming up on major support, that bounce may be near. The Nasdaq (first chart below) has very strong support at the 1913-1920 and 1887 levels; we’d be surprised if the market could slice through those levels on the first attempt. Resistance on the Nasdaq is 1950, 1960-1964 and 1978-1991. The Dow (second chart) is also coming up on very strong support in the 9900-10,000 range. Resistance is 10,250-10,300. The S&P (third chart) has support at 1096-1100, 1090 and 1075-1082, and resistance is 1112-1115 and 1122.

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