Technical Analysis: Stocks Take a Break
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"Inside days" on the major indexes today, reflecting indecision. With the next big piece of news coming from next week's Federal Reserve meeting, stocks could be range-bound for a few days here, unless tomorrow morning's housing and durable orders data is enough of a surprise to move stocks sooner. The Nasdaq (first chart below) is stuck in a range between 2333 to the upside, and 2280-2285 to the downside. The S&P (second chart) faces resistance at 1305-1306, 1310 and 1316, and support is 1295 and 1292. The Dow (third chart) faces major resistance at 11,350-11,426, and support is 11,210-11,240 and 11,160. No help from long bond yields (fourth chart) again today.