Technical Analysis: Not Bad Under The Circumstances
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Considering the ugly inflation news, the threat of rising interest rates and the precarious state of the financials (first chart below), today was a pretty good day. That said, it will be hard for the market to go anywhere without the banks, and they look to be perched on the edge here. The Nasdaq (second chart) has support at 2055-2056, and resistance is 2063, 2080, 2093 and 2106. The S&P (third chart) has support at 1194-1196 and 1190, and resistance is 1205, 1212 and 1218. The Dow (fourth chart) has major support in the 10,650 zone, and resistance is 10,868.