Technicals, US Markets
NASDAQ Threatens Trendline Support, Exposing Additional Losses
Monday, 1 Feb 2010 10:32 EST at 10:32 by John Rivera · Leave a Comment
The pace of the Dow’s decline has slowed but it remains on track to test the significant psychological level of 10,000. A break below support would expose 9,679-11/2 low but that may follow a period of consolidation.
The S&P 500 decline has started to pick up steam following a brief period of consolidation sending it below former congestion at 1,085. The below leaves support at 1,029-11/2 low.
The NASDAQ has also seen its losses accelerate and is now threatening rising trend line support near 2,147 which would leave 2,113-11/27 low as support. The tech laden index appears on course for an ultimate test of 2,024-11/2 low.
