Hitting resistance

Looks like the markets are all at a resistance point. We shall see in the next day or two whether they break this resistance or not.

The DOW is at the 30dma (11,120) as a resistance point, the NASDAQ at 2150, and the S&P 500 is hitting up against the 200 dma (1260). Now there is another resistance point that is more solid and it is the same on all three indices. Take the highs from May and draw a trendline to the highs at the beginning of this month and if you follow that straight line all the way through you will notice that the indices are at that resistance line right now.

Here is the NASDAQ -

Charts as always provided by Big Charts

What I would expect is a bounce off this trendline and a continued downward trend.

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