Major Index Support Levels

By | August 5, 2014

I mentioned this morning that there wasn’t much in the way of support other than a set of Fibonacci retracement levels on the DOW chart, and an internal uptrend line within the longer term rising channel pattern on the S&P chart. Those levels were breached in today’s sell-off. The NASDAQ has been trading in a horizontal channel for the last month and pattern support was successfully retested today. A breakdown from this level, should it happen, projects down to the April/May/June highs.

05. Index daily charts

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