Technical Analysis: Stocks Turn Lower
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Traders expecting anything new from the new Federal Reserve were in for a surprise today. The Dow and S&P (first two charts below) continue to struggle at two-year trendlines, with both indexes falling back below today. That makes 11,230 on the Dow and 1305 on the S&P important first resistance levels here. The Dow should have solid support at 11,000-11,050, and the next support levels on the S&P are 1290 and 1280-1285. The Nasdaq (third chart) has first resistance at 2310-2315, and support at 2300, 2290 and 2278-2284. Nothing but bad news from long bond yields (fourth chart) today.