Technical Analysis: Dow Breaks Down
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The Dow (first chart below) became the last of the major indexes to break down today. The next support levels are 11,040-11,050, 11,000 and 10,960, and resistance is 11,175, 11,275-11,280 and 11,330-11,350. The Nasdaq (second chart) continues to lose support levels. 2150, 2125 and 2100 are the next big support levels, and resistance is 2190-2200, 2211, 2220, 2229 and 2245-2250. The S&P (third chart) has support at 1257-1258 and 1246-1251, with 1230 a big level below that, and resistance is 1267-1268, 1275, 1282-1284 and 1288-1290. A big drop in long bond yields (fourth chart) today; looks more like fear of a slowdown than of inflation.