Technical Analysis: Bounce Attempt
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Stocks are trying to rally here, but as long as they remain within the body of Friday's big declines, they remain vulnerable to further downside. The Nasdaq (first chart below) has support at 2253 and 2240, and resistance is 2270, 2278 and 2290. The S&P (second chart) has support at 1262-1264, with the major support level of 1246-1250 below that. Resistance is 1271-1275 and 1284. The Dow (third chart) has support at 10,640, 10,600 and 10,543, and resistance is 10,760 and 10,800-10,830. Long bond yields (fourth chart) are nearing a critical level at 4.42-4.45.