Technical Analysis: The Dow Stays Down
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We're finally getting some good technical signals out of the bond market (first chart below). Now all we need is equity investors to step up. The worst of the market's seasonality begins to pass as of Monday, so perhaps buyers will soon be emboldened. The Dow (second chart) remains in a steepening downtrend here. First support is 10,200, with a double-bottom at 10,156 a possibility. Below that, the 10,000-10,100 range comes into view, with 10,060 a possible target. 10,350 and 10,425 are major levels to the upside. The S&P (third chart) is also in a steepening downtrend. Support is 1175, 1173, 1170 and 1163-1167 1150 looks possible below that and 1193 and 1197-1201 are tough levels to the upside. The Nasdaq (fourth chart) continues to lead here. Support is 2073 and 2055, and resistance is 2100, 2106 and 2110-2112.