Technical Analysis: Nasdaq Hangs On

The Nasdaq (first chart) has found support at an old uptrend line; below 1849 on Monday and 1814 looks like the next strong support. 1900-1940 is resistance. For the S&P (second chart), 1015-1018 is important support. Below that, 1010 and 1000 are next supports. Resistance is 1033 and 1051. The Dow (third chart) looks like it may have turned down for now. Below 9460-9470 is 9352-9361 support, and the 9600 level looks tough (see fourth chart). The banks (charts five and six) have yet to break down, so for now that’s a positive. Finally, it would have been nice to see more fear among option traders today.

News Around the Web