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Technical Analysis: Stocks Find Some Support

Stocks fared better than they might have today, finishing well off their lows for the day. That said, big gaps down seem to mark short-term bottoms more often than not, so there could still be some residual selling ahead. The S&P (first chart below) found support at 1272 today. If that goes, 1260 and 1246-1250 come into play. Resistance is 1283-1287 and 1295. The Nasdaq (second chart) found support at the 2264 level today. 2240 is the big support level for the bullish case, and resistance is 2286, 2300-2305 and 2328-2333. The Dow (third chart) found support at its 50-day average at 10,817 today. To the upside, resistance is 10,890-10,900 and 10,920-10,950. Long bond yields (fourth chart) put in a reversal today; something to keep an eye on.