Technical Analysis: Nasdaq Holds Support

On the plus side, the Nasdaq (first chart below) hung onto its uptrend today. On the downside, almost everything else went against the bulls — internals deteriorated across the board, and volume rose on a down day. One positive we’d note is today’s high put-call ratio; perhaps short-sellers can provide support for the market. Any move down tomorrow would break the Nasdaq’s uptrend; 1840, 1830 and 1820 are the next major support levels. Resistance is 1870-1880. The S&P (second chart) has major support at 1113, with 1110, 1106 and 1100 below that. Resistance is 1125, 1127-1128, 1130-1132 and 1135. The Dow (third chart) has support at 10,300, 10,270 and 10,240, and resistance is 10,363, 10,400, 10,430-10,450 and 10,487.

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