Chart Watch

The whipsaw action in the markets continue.  It’s tough to navigate  through all the noise so let’s go to the charts of the major indices.

Dow Jones Industrials

Note the 50-day moving average, currently at 16,401, has provided key support for the Dow.  It traded a couple points below there today and bounced.   Watch the 50-day.

May15_DowS&P500

Similar to the Dow, the 50-day, currently at 1,868  is providing key support for the S&P500.   The index traded 6 points through that level today, but  manged to close a couple points above.   The S&P500 remains range bound, with 1820-ish on the downside and 1900 on the upside.   A close below the 50-day may presage a move to the lower end of the range.

May15_S&P500Nasdaq

The Nasdaq is carving out a potential Head & Shoulders reversal pattern, which will trigger around the 200-day moving average at 4,000.   Watch the 4,000 level.

May15_NasdaqRussell 2000

The Russell is down 5.81 percent year-t0-day, almost double the loss the in the Nasdaq.   It did put in a stronger bounce than the other indices today but still sits at a precarious level.  Note 1080 is the level to watch.   The index traded bounced off its low of 1082.53 today.

May15_Russell(click here if charts are not observable)

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