Technical Analysis: Nasdaq Breaks Down

The Nasdaq (first chart below) took out 1960 support on the open this morning, then 1936-1940 support on the close. Not a pretty picture. 1930, 1922, 1913 and 1900 are the next support levels, and 1940 and 1960-1966 are resistance. The S&P (second chart) has support at 1106-1107 and 1101-1103, and resistance is 1113, 1118 and 1123. The Dow (third chart) didn’t fare well either, breaking its 200-day moving average. Support is 10,121-10,134, 10,093 and 10,074, and resistance is 10,182, 10,200, 10,233 and 10,263-10,280. On the plus side, the indexes are oversold by a number of measures and could bounce soon. GE reports earnings in the morning.

Note: The Technical Analysis will return on Monday, July 12.

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