Technical Analysis: Blue Chips Lead
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Still waiting for treasury buyers to step in and send bond yields (first chart below) lower. 45.50 needs to hold on the 10-year yield, and a break of 44.40 would be a good start toward lower yields. Lower yields and stronger buying pressure in stocks are the only elements missing for a bottom here. The Dow (second chart) seems to be leading here the first major index to test its August and September lows. The blue chips face major resistance at 10,410, and support is 10,290-10,300 and 10,240.The Nasdaq (third chart) is challenging its 200-day moving average at 2073, and 2093 is the next big level above that. 2051 is critical support. The S&P (fourth chart) faces major resistance at 1195 and 1199-1201, and support is 1185 and 1180.