Technical Analysis: Indexes Near Major Support
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The major indexes are coming up on some pretty big support levels here, making the inflation reports of the next two days pretty critical. The Dow (first chart below) has very important support at 10,754-10,757. Below that, 10,500 could come into play. To the upside, 10,840 and 10,877 are the first resistance levels, with 10,927 above that. The S&P (second chart) is right on critical support at 1230-1235; below that, 1165 is possible. To the upside, 1245 and 1256 are first resistance. The Nasdaq (third chart) has important support levels at 2050, 2025 and the big round number of 2000, and resistance is 2125-2130 and 2140. Long bond yields (fourth chart) started the week off pretty quiet; again, no major moves there.