Technical Analysis: Choppy Rally
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The rally may be choppy, which suggests that more downside may be seen eventually, but so far buyers are stepping in to support the market on dips. The Dow (first chart below) fell back below 11,030-11,050 support today, which is now first resistance, with 11,132, 11,208 and 11,280 above that. Support is 11,000, 10,950 and 10,900. The S&P (second chart) faces resistance at 1258 and 1262, and support is 1244-1245, 1240, 1235-1237 and 1232. The Nasdaq (third chart) faces resistance at 2140 and 2150, and support is 2120 and 2090-2100. Long bond yields (fourth chart) are threatening to break out here.