"Consider that its first notable support matches the November peak, technically 17,977.85. Last week's closing low held four points higher, and the Dow closed Monday at 17,977. It's staged a shaky, but thus far successful, test of first support. On further weakness, a deeper floor rests at 17,800, also illustrated on the daily chart. And the Nasdaq Composite's near-term backdrop remains weaker. As illustrated, the index has violated its range bottom, plunging to one-week lows. The 4,921 breakdown point, matching Friday's high, pivots to resistance. Conversely, last week's low held at 4,872, though technical support is better illustrated on the daily chart below. Widening the view to six months adds perspective. On this wider view, the Nasdaq has plunged to its former range, violating support spanning from 4,921 to 4,926.
Consider that the 20-day moving average, currently 4,901, has marked a 2016 inflection point. The index hasn't closed lower since Feb. 16.
This is followed by the 200-day moving average, currently 4,850, and more important support matching the 2014 peak of 4,815. (The April low rests at 4,809.) Looking elsewhere, the Dow industrials' wider view remains stronger."
And the Ouija Board says......what a bunch of nonsense.....
Igy