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Indexes fall below key support levels
Created on Thursday, 08 December 2011 23:47Category: Currencies
The indexes saw a large move yesterday after two sessions of relative inaction, a sharp drop prompted by the European Central Bank's refusal to extend bond purchases in the Eurozone.
Each of the indexes broke a significant number of support levels. Resistance levels have been rolled down for today, and support
The chances of a large move following the European Union summit meeting tomorrow are quite high, with a chance that levels below could be broken.
Nasdaq 100 (NDX)
Support is at 2274.45, its 10-day moving average, then at 2253.95. On a break of the 2250 area, next support would be at 2225.54. Resistance is at 2291.55, its 200-day moving average, then at 2324.04, which was yesterday's high, and thereafter at 2337.70.
S&P 500 (SPX)
Support is at 1229.31, its 10-day moving average, and then at 1217.96, its 50-day moving average, thereafter at 1203.67. Initial resistance is at 1249.05, then at 1263.64, its 200-day moving average, and thereafter at 1280.91.
Russell 2000 (RUT)
Support is at 716.25, then at 711.22, its 50-day moving average, and thereafter at 697.85. Resistance is at 730.67, 740.76, and 756.76.
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Courtesy Yahoo Financial News