Technical Analysis: Resistance 1, Bulls 0

The indexes all failed at their September highs today, so 1914 on the Nasdaq, 1040 on the S&P and 9686 on the Dow have now become important resistance. The Nasdaq (first chart below) appears to have formed a bearish “dark cloud cover” candlestick today, gapping up only to close below the midpoint of yesterday’s candle. Support on the Nasdaq is 1860-1870. 1030, 1025, 1019-1022 and 1015 are support on the S&P (second chart). 1050-1055 is resistance above 1040. On the Dow (third chart), 9686 and 9750 are resistance, and 9600, 9500 and 9350 are support.

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