Technical Analysis: Consolidating
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A solid show of support for the bulls today, resisting profit-taking efforts, and they'll get even more support tomorrow from first-of-the-month inflows. That said, the Nasdaq (first chart below) is starting to look like a bearish rising wedge here. 2115 looks like tough resistance for the techs, and 2085 an important first support. The Dow (second chart) will open near its uptrend line tomorrow. First support is 11,175, with 11,100 and 11,030-11,050 below that. Resistance is 11,260-11,290 and 11,330. The S&P (third chart) faces resistance at 1281, 1285, 1287 and 1291, and support is 1272 and 1267. Long bond yields (fourth chart) are getting wound up pretty tight here; which way will they break?