Technical Analysis: Blue Chips Find Support
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Blue chips have been able to find a little support here, but now techs need to join them. The Dow (first chart below) has a strong band of support between 10,960 and 11,040; the index bounced right at the top of that range today. Resistance is 11,180, 11,225, 11,250, 11,280 and 11,330. The Nasdaq (second chart) found support just above 2150 at 2156 today; a straight-line decline for 200 points. 2125 and 2100 are the next big support levels, and resistance is 2185-2190, 2200, 2211, 2220, 2229 and 2245-2250. The S&P (third chart) is barely hanging on to its 200-day moving average at 1258, with 1246-1251 major support below that. The index bounced at 1253 today. Resistance is 1275, 1282-1284 and 1288-1290. Another down day for long bond yields (fourth chart), barely holding onto 5%. The flight to quality is a hopeful sign for a stock market bounce.