InternetTechnical Analysis: Breakdown

The Dow and S&P lost important support on Monday.

Today was a clear loss for the bulls, as the Dow and S&P (first two charts below) gave up their month-old uptrends today. The next support levels for the Dow are 11,400 and 11,320, and the index needs to get back above 11,580 to reverse the breakdown. The S&P could be okay if it reverse right at the open tomorrow; otherwise 1260 could be the next target. To the upside, a move above 1290 would be an important beginning. The Nasdaq (third chart) continues to hold up much better than its blue chip counterparts, a trend that has been going on since March. But it's unlikely that the sector will be able to withstand blue chip weakness forever. The Nasdaq's main support is at 2380, while 2475-2500 is proving tough resistance... [ Read more on www.internetnews.com ]

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