Technical Analysis: A Pause Ahead of Big News
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A pause before big news from Cisco and the Fed the next two days. The Dow (first chart below) faces major resistance at 11,722-11,750, the index's all-time closing and intraday highs. Support is 11,490-11,500 and 11,426. The NYSE advance-decline (second chart) also paused today; can it get the small boost it needs for a new high from the Fed? The Nasdaq (third chart) has support at 2328-2333, and resistance at 2350-2354, 2362 and 2375-2380. The S&P (fourth chart) faces a band of resistance from 1325-1350, and 1323 and 1316-1318 are support. Long bond yields (fifth chart) are trying to hang here. Today's "inside day" is a hint that rates could turn higher in the short-term.