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Technical Analysis: Stocks Turn Wobbly

Stocks have the potential to put in a lower high here. The Nasdaq (first chart below) is in a clear trading range, a symmetrical triangle bounded by 2277 to the downside and 2308 to the upside. Next support levels are 2257 and 2250-2255, with 2240 as critical support. First resistance levels are 2290, 2295 and 2300. The S&P (second chart) has resistance at 1280 and 1285-1290, and support is 1267, 1260 and 1246-1250. The Dow (third chart) has support at 10,800, 10,760 and 10,730, and resistance is 10,960-11,000 and 11,070. Not much relief yet from long bond yields (fourth chart).

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