Technical Analysis: Resistance Holds

The indexes continue to look very much like consolidations in a downtrend, with another leg down to come. The Dow (first chart below) looks like a bear flag, and a move down Monday would break it. Resistance is 10,250 and 10,330-10,375, and support is 10,128, 10,092 and 9900-10,000. The S&P (second chart) was turned back once again at the major resistance level of 1126. First resistance is 1113, and support is 1102-1105, 1096 and 1075-1082. The Nasdaq (third chart) has resistance at 1962-1970 and 1985-1991, and support is 1928, 1913-1920 and 1887.

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