Technical Analysis: Eyes on the CPI
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Things sure turned ugly today. The CPI report is on tap for tomorrow, but it's hard to see it as much of a positive either way: either companies are eating cost increases, which will hurt profits, or they're passing them onto consumers. Should be an interesting morning seeing how the market reacts. The Nasdaq (first chart below) looks like it could be headed for a retest of last month's low at 2008.7. Resistance is 2040, 2050 and 2060. The S&P (second chart) has major support at 1177.5, and resistance is 1190-1196, 1200 and 1205. The Dow (third chart) has major support at 10,532, and resistance is 10,650. The financials (fourth chart) continue to lead the market lower; not much hope until they reverse, and sentiment isn't all that supportive here either.