Technical Analysis: A Pause Ahead of the Fed
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With the outcome of tomorrow's Fed meeting in doubt, stocks went into a holding pattern today. The Nasdaq (first chart below) is slipping below its recent uptrend line here, a sign of potential weakness heading into tomorrow's Fed meeting and Cisco's earnings report. Support is 2065 and 2050, and resistance is 2080, 2095 and 2113. The S&P (second chart) is another index creeping below its uptrend line here. Support is 1268-1270, and 1283 is first resistance. The Dow (third chart) is another index pausing here, below some tough resistance at 11,290 and 11,344. Long bond yields (fourth chart) finally took a break today; another index to watch tomorrow at 2:15 p.m.