Technical Analysis: Dow, S&P Break Down

The Dow and S&P (first two charts below) broke their uptrend lines today. The Nasdaq (third chart) wouldn't break its uptrend until 1880-1890 is taken out, but it's probably a good time to remember that we're in the weakest part of the year historically until the end of October. The Nasdaq has resistance at 1900, 1910, 1920 and 1935-1940, and support is 1890, 1880, 1876, 1870 and 1860. The next major support level on the S&P is 1115; below that, 1110 and 1100 come into play. 1124-1126, 1130 and 1135 are resistance. The Dow (third chart) has support at 10,200-10,210 and 10,120-10,130, and resistance is 10,285-10,340, 10,363 and 10,400.

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