Watch These Support Levels

08/11/2010 3:32 pm EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

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Stocks gapped lower on Wednesday's opening as overseas selling started in Asia and then spread to Europe. The first levels of support in the major US averages have been broken as the support for the S&P 500 in the 1100 area did not hold for long. There is next support at 1088 with more important support in the 1057-1065 area. The Nasdaq Composite has been even weaker as there is next important support in the 2160-2180 area. The Dow Industrials have next support at 10,300 and then at 10,000.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.

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