Technical Analysis: A Good Start
Page 1 of 1
Nice broad-based buying today; a hopeful sign for the rally. Now we need to see it reverse some breakdowns. The biggest is the 2245 area on the Nasdaq (first chart below), a two-year trendline that the index fell back below two weeks ago. Between here and there, 2200, 2211, 2220, 2229 are resistance levels to watch. Support is 2182, 2174 and 2169. The Dow (second chart) faces resistance at 11,240, 11,280 and 11,330, and support is 11,160 and 11,100-11,120. The S&P (third chart) faces resistance at 1275, 1281-1284 and 1288-1290, and support is 1265 and 1258. Long bond yields (fourth chart) are holding above 5% so far.