Technical Analysis: Techs Break Down
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Surprisingly, first-of-the-month inflows were little help for stocks today; perhaps they'll be more help tomorrow. The Nasdaq (first chart below) could certainly use the help after gapping down out of what looks like a bearish rising wedge today. Resistance is 2080, 2095-2100 and 2110-2115, and support is 2050 and 2035-2040. The Dow (second chart) was another index taking out its recent uptrend today. Support is 11,037, 11,000 and 10,975, and resistance is 11,200-11,240, 11,260-11,290 and 11,330. The S&P (third chart) was the lone bright spot, holding onto its short-term uptrend today. 1268-1270 is first support, with 1262-1263 below that, and resistance is 1276, 1281, 1285, 1287 and 1291. No clear move yet from long bond yields (fourth chart), which remain wound up in a tight trading range.