Technical Analysis: Cisco Saves the Day
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A wobbly day and another test of major support on the Nasdaq (first chart below), but the bulls pulled it out today. Still, the Nasdaq faces some tough overhead resistance from here. 2260 is first support, and 2240-2247 is major support. Resistance is 2280, 2290 and 2300. The S&P (second chart) has first support at 1260 and critical support at 1246-1250, and resistance is 1269 and 1275. The Dow (third chart) has support at 10,849, 10,800 and 10,740, and resistance is 10,920 and 10,960. Even in retirement, Alan Greenspan is still trying to jawbone long bond yields (fourth chart) higher. On the plus side, yields are getting pretty overbought here check out the extremes in our fave +DI and -DI indicators (buying and selling pressure).