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Technicals Now Suggest Market Support Levels May Be Tested

Guy Ortmann

Given the weak action Wednesday morning combined with stochastic levels, we believe that tests of support levels may be forthcoming (more below). The indices closed mixed Tuesday with positive internals on the NYSE while NASDAQ internals were negative. The S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Nasdaq 100 closed higher while the Dow Transports, S&P MidCap 400, Russell 2000 and Value Line Arithmetic Index posted losses.