Technical Analysis: Stocks Trend Lower
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The Nasdaq (first chart below) should have solid support at 2295-2300. If that fails to hold, 2280 is the next strong support level. To the upside, 2333 is turning out to be tough resistance once again. The Dow (second chart) has broken quite a bit of support, but it doesn't seem to be going down in a big hurry and also could be forming a bullish falling wedge here. 11,030, 11,000 and 10,950 are support, and resistance is 11,089, 11,105 and 11,130. The S&P (third chart) faces resistance at 1293-1295 and 1300, with 1310-1316 above that, and support is 1280, 1275 and 1270. Clearly, 5% is an important psychological level on long bond yields (fourth chart).