Technical Analysis: Bulls Get Tested
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Short, sharp pullbacks have turned out to be buying opportunities as of late; will this one be any different? Until some major support levels begin to give, the bulls have the benefit of the doubt. The biggest might be 11,480-11,510 on the Dow (first chart below); a break of that could ignite some selling. To the upside, the blue chips face resistance at 11,580-11,600, 11,640-11,670 and 11,722-11,750. The Nasdaq (second chart) found support at 2232 today, the midpoint of yesterday's gap up. Below that, 2223, 2216 and 2200 come into play, and resistance is 2242 and 2261. The S&P (third chart) has support at 1311-1315 and 1309, and resistance is 1329. Not much new to say about bond yields (fourth chart); the trend is down until proven otherwise.