Technical Analysis: Bears Win a Round
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The tug of war over the last five trading sessions is threatening to go to the bears, who are close to sending the indexes lower out of their recent consolidations. The Nasdaq (first chart below) needs to recover 2145 and then take out 2155 to the upside. The index is sitting on important gap support at 2115-2125 (2120), with 2100 below that. The S&P (second chart) is barely hanging onto 1293 support. 1283 looks like a solid support level below that, and to the upside, resistance is 1302.5. The Dow (third chart) is slipping below the 11,300 level, but 11,240-11,260 looks like solid support below that. Resistance is 10,350 and 10,384. Bond yields (fourth chart) are pausing near major support ahead of Friday's big speech by Fed Chairman Ben Bernanke.