Technical Analysis: Bulls Score a Victory
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A nice win for the bulls today, as the major indexes overcame a bearish set-up three small-bodied days within last Friday's big down day to score a big win. Still, despite today's gains, the indexes remain well within those big red candlesticks. The Nasdaq (first chart below) will open right at its downtrend line tomorrow, and 2290 and 2300 are big levels above that. Support is 2275-2278, 2265 and 2257. The S&P (second chart) faces resistance at 1278 and 1285-1288, and support is 1270-1271, 1265 and 1260. The Dow (third chart) faces resistance at 10,837, 10,900 and 10,950, and support is 10,800, 10,770, 10,720 and 10,680. Long bond yields (fourth chart) continue to head in the wrong direction here.