RealTime IT News

Technical Analysis: Waiting for a Bounce

The indexes continue to grapple with some solid support zones here, but they have yet to turn that support into a sustained bounce. The Dow (first chart below) has strong support between 10,960 and 11,040, and resistance is 11,200, 11,225, 11,250, 11,280 and 11,330. The Nasdaq (second chart) has support at 2150-2156, with 2125 and 2100 below that. Resistance is 2200, 2211, 2220, 2229 and 2245-2250. The S&P (third chart) has major support at 1246-1253; 1230 comes into play if 1246 goes. Resistance is 1275, 1282-1284 and 1288-1290. Long bond yields (fourth chart) turned up today, but an after-hours rally sparked by the stock market sell off pushed yields back down near 5%.