Technical Analysis: A Pause That Refreshes?
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Not much movement today, as traders await the outcome of tomorrow's Federal Reserve meeting. The Dow (first chart below) had a bit of a breakdown today, but held 11,210-11,230 support below that. If those levels go, 11,160 comes into play. To the upside, 11,300 and 11,350-10,426 are resistance. The Nasdaq (second chart) has a well-defined uptrend line at 2305; below that, 2300 and 2280-2285 are support levels. 2333 remains the level to beat to the upside. The S&P (third chart) faces resistance at 1304, 1307, 1310 and 1316, and support is 1300, 1295 and 1293. Long bond yields (fourth chart) also showed indecision today, with a big "inside day."