A strange market since last week’s lows, with extremes in price and sentiment from one day to the next. That’s not promising action and suggests the potential for further downside, but we should note that the S&P registered a DeMark Sequential buy signal yesterday. That’s a very complex pattern, so we’ll just link to a description of it. The S&P (first chart below) faces major resistance at 1164, and support is 1155, 1150, 1144, 1140 and 1136. The Nasdaq (second chart) remains in a steep downtrend. Resistance is 1940 and 1950, and support is 1920, 1913 and 1904. The Dow (third chart) faces resistance at 10,263 and 10,350-10,375, and support is 10,150-10,160, 10,080-10,100, and 10,000.
