Technical Analysis: Stocks Stabilize
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Stocks finally stabilized today, but now they need to turn higher. Much will depend on technology earnings reports the next few days; the market could break or bounce here. The Nasdaq (first chart below) continues to hold at the major 2000-2025 support level, its low from last October. Today's "inside day" could mark a potential turning point. Resistance is 2050, 2065, 2075 and 2090. The Dow (second chart) continues to cling to last month's low at 10,700, with 10,661 and 10,500 below that. Resistance is 10,800 and 10,900. The S&P (third chart) faces resistance at 1240, 1245 and 1250, and support is 1231.5, 1228 and 1219. Long bond yields (fourth chart) are so far consolidating at the lows, suggesting the possibility of more downside.