Technical Analysis: Stocks Under Pressure
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Stocks remain stuck in a three-week downtrend, and if commercial futures traders are to be believed, stocks haven't reached attractive levels yet. The Nasdaq (first chart below) gapped down out of a symmetrical triangle today. 2250 and 2240 are the next support levels, and resistance is 2280-2282. The S&P (second chart) has support at 1260 and 1246-1250, and resistance is 1270, 1275-1277 and 1285-1290. The Dow (third chart) faces resistance at 10,855 and 10,950-10,960, and support is 10,760, 10,700 and 10,640. At least long bond yields (fourth chart) recovered from an initial spike today.