Technical Analysis: Looking For Leadership
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Stocks are going to need more support from long-term interest rates (first chart below) if they're going to make a sustained advance. Watch that trendline on the 10-year for clues; yields remain on the wrong side of that line. The Nasdaq (second chart) may be headed back to the critical 2040-2050 support zone, and 2073 is once again resistance, with 2093-2100 above that. The Dow (third chart) is also closing back in on the lows. Support is 10,220, 10,200 and 10,156, and resistance is 10,300, 10,320 and 10,350. The S&P (fourth chart) has support at 1175, 1173, 1170, 1167 and 1163-1165, and resistance is 1190, 1199-1201 and 1205.