Major Indexes Nearing Support Levels

By Bryan McCormick

The downdraft Tuesday helped bring the indexes off their recent highs near resistance and down to levels very close to support.

The Russell 2000 became the weakest index on that basis, coming closest to support, with the S&P 500 next. The Nasdaq 100 has the longest trip down to support and is the strongest of the indexes.

With Intel (INTC) reporting after the closing bell today, and with concerns about Google (GOOG) potentially abandoning the Chinese market, there are plenty of cross-currents that could help change the picture in a hurry. For now, levels remain as they were.

Nasdaq 100

First support is at 1847.54. First resistance is now at 1898.78.

For the Nasdaq 100 Index Tracking Stock (QQQQ) first support is at $45.44. First resistance is at $46.70.

S&P 500

First support is now at 1130.38. First resistance is at 1155.88.

For the Standard & Poor's Depository Receipts (SPY) first support is at $112.99. First resistance is at $116.

Russell 2000

First support is now at 635.99. First resistance is now at 656.47.

For the iShares Trust Russell 2000 Index Fund (IWM) first support is at $63.61. First resistance is at $65.64.