Today was another weak day in the markets with a bit more technical damage done, yet the market is still well within its 10 week trading range. The S&P 500 broke its mid-January lows today and appears to be headed to the bottom of the aforementioned trading range. It’s oversold so a bounce would not be surprising. If it does bounce I’d be be watching the 1260 area and then the 50-day moving average for resistance.
The Nasdaq, while also down on the day, fared a little better than the S&P. It managed to stay above its mid-January lows. Its 50 DMA also seems like likely resistance for any Nasdaq rally attempts.
The Nasdaq 100 (NDX/QQQQ) looks a lot like the S&P. It also has the 2006 low in its sights. And note that its 50-day moving average is beginning to slope downward.
The smaller cap indices continue to look much better than their larger cap brethren. Here’s the Russell 2000 chart:
And finally a chart of SanDisk (SNDK):
