Technical Analysis: Pullback
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The ability of buyers to support the market today was a good sign, but rising treasury yields (first chart below) are a little worrisome here. 4.55 on the 10-year needs to hold. The Nasdaq (second chart) corrected a little deeper than we would have preferred, but at least buyers pushed the index well off its lows. Support is 2100, 2090-2093 and 2073, and resistance is 2117, 2122, 2130, 2140 and 2150. The Dow and S&P (third and fourth charts) also pulled back pretty far before recovering. Support on the Dow is 10,350, 10,317, 10,300 and 10,240, and resistance is 10,430-10,450 and 10,500. The S&P has support at 1189-1190, 1185 and 1180, and resistance is 1199-1201 and 1205.