Technical Analysis: Stocks Turn Back Down
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About the only good news is that bond yields (first chart below) didn't spike higher on today's inflation report. Some hope for equity holders there. The Dow (second chart) was rejected at its August and September lows. Resistance is 10,350-10,361 and 10,420, and support is 10,240, 10,200, 10,185 and 10,156. The Nasdaq (third chart) got turned back at its 200-day moving average at 2073. The next support levels are 2050-2051 and 2040. The S&P (fourth chart) pulled back deeper than the other indexes, perhaps due to a big drop in Exxon-Mobil
. 1175, 1173, 1170, 1167, 1165 and 1163 are all possible support levels, and resistance is 1187-1191.