Index Charts: Key Levels As Earnings Come Out

Dow Jones Industrial Index ($DJIA) The Dow has now firmly broken below support at 8200 and the bottom of the head and shoulders neckline. On both Wednesday and Friday the Dow found interim support at 8100 but the clear target is still 7750. ...chart

S&P 500 ($SPX) Right at the neckline of the Head & Shoulders pattern along with the 200 moving average. The S&P will be hostage to any Dow move next week because of the number of Dow components reporting. chart

NASDAQ Composite ($COMPQ) Although slipping the NASDAQ isn't as bad as the DJIA or S&P 500, the Goldman and JP Morgan upgrades to tech stocks are keeping the damage to the tech indexes to a minimum. The 1,650 level looks like a possible down side target. Same scenario for the $NDX NASDAQ 100 1350.chart

Russell 2000 Small cap ($RUT) the treshold here is 472 and downside risk is to the 50% Fibonacci Retracement of 420. chart

Dow Jones Transportation Index ($TRAN) Support at 3,000 with a Point & Figure double breakdown price objective of 2,650 chart

Wilshire 5000 ($WLSH) Here too...support at 9,000/ 200ma with a PnF Double Bottom PO of 8,300 chart

This week will be the earnings cycle with big names in the tech sector and the banking sector that are likely to set the tone for the rest of the earnings period. The names in the line up are GS, INTC, CSX, NVLS, XLNX, GOOG, HOG, IBM, JPM, NOK, BAC, C, & GE most likely a pivotal week in the markets.