Technical Analysis: Stocks Stay Stuck
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Stocks turned tentatively lower today after yesterday's trading reflected indecision, but first of the month inflows tomorrow could provide some support. Google's numbers were disappointing, but investors have bought bad news all month, so they'll get another test tomorrow. Expect a volatile day, with a lot of forces at work. The Nasdaq (first chart below) faces resistance at 2310, 2315 and 2328-2333, and support is 2290, 2278-2283, 2265, 2250 and 2240. The S&P (second chart) faces tough resistance at 1288-1290 and 1295, and support is 1275, 1268-1271 and 1259-1262. The Dow (third chart) faces resistance at 10,900, 10,960, 11,000 and 11,070, and support is 10,850, 10,800 and 10,760. Long bond yields (fourth chart) took a breather today, but bulls need to see a bigger turn lower there.