Technical Analysis: Stocks Turn Lower
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A brief breakout by the Nasdaq (first chart below) turned out to be an opportunity for sellers, who sent the index back below a couple of support levels. Support is now 2090 and 2065, and resistance is 2120-2125 and 2150. The S&P (second chart) stopped right at its downtrend line today. Next support levels are 1235-1237 and 1232, and resistance is 1252 and 1262. The Dow (third chart) has support at 10,900-10,903 and 10,820, and resistance is 10,975, 11,000 and 11,040. Long bond yields (fourth chart) saw a little flight to quality today.