Technical Analysis: Nasdaq Hits Headwinds
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The Nasdaq (first chart below) ran into a bunch of resistance at 2280 today. If the index can get above that, 2290-2300 will be the next target. Critical support remains at 2240-2250. The S&P (second chart) stalled in the middle of a big consolidation at 1287-1288, with 1295 the next big level above that. Support is 1280-1281, 1278, 1275 and 1270. The Dow (third chart) held 11,050 support nicely today, but what looked like a bearish broadening pattern now looks like a bearish rising wedge. Long bond yields (fourth chart) remain quite extended here, but no break yet for the bulls.