After dropping as much as 400 points on the Dow Jones Industrial Average, U.S. stocks have pared their losses only slightly. And according to Barrons.com’s technical guru, Michael Kahn, the major averages are holding just above key technical levels.
The DJIA has put about 100 points of space above what Kahn sees as near-term support in the 10,600-10,675 area. Keenly watched by traders is support for the S&P 500 at 1102-1121, the lows of early August, which thus far have held.
The Nasdaq Composite, meanwhile, is in somewhat better shape with a bit of breathing room above key support that Kahn puts at 2400-2415.
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