Technical Analysis: Stocks Bounce Back
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Stocks recovered some lost ground today, but selling pressure still appears to be present, as the indexes finished well off their highs today. The S&P (first chart below) can't quite get back above 1288 resistance, with 1295 the next obstacle above that. Support on the big caps is 1282, 1278 and 1272. The Nasdaq (second chart) faces resistance at 2312 and 2328-2333, and support is 2286-2290. The Dow (third chart) stalled at 10,920 resistance today, with 10,950-11,000 above that, and support is 10,830-10,850. Long bond yields (fourth chart) continue to head back up.