Technical Analysis: Unimpressive Start
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A pretty unimpressive start to the rally today, with poor internals signifying very selective buying. The one positive for the bulls to build on was a lot of skepticism among options traders. The next couple of days may be volatile due to quadruple expiry. The Dow (first chart below) has support at 10,750, 10,700, 10,661, 10,600 and 10,500, and resistance is 10,837 and 10,880. The S&P (second chart) has support at 1219 and 1200-1206, and 1235 and 1245 are resistance. The Nasdaq (third chart) has important support at 2050, 2025 and 2000, and resistance is 2100, 2110, 2125 and 2135. A sharp turn higher today for long bond yields (fourth chart).