Technical Analysis: Stocks Hang On
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A nice performance by the bulls today: support held at the day's lows, and buyers came in to push the indexes back to break-even. The one negative we'd note is that options sentiment got a little frothy today. The Dow (first chart below) was a little wobbly, but managed to hold onto 10,950-11,000 support today, and the S&P (second chart) held up on its test of 1280-1285 support. The Nasdaq (third chart) could soon test its May 2001 high of 2328, a big test for the bulls. Support on the Nasdaq is 2295-2305. One other note of caution here: long bond yields (fourth chart) turned up solidly today.