Technical Analysis: Stocks Hang On
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The market's ability to fend off sellers remains impressive, but with an extremely overbought market, we suspect that significant upside will be tough to come by until some of that overbought condition is relieved. 12,000 remains the big lure for the Dow (first chart below), while support is 11,880, 11,800 and 11,750. The S&P (second chart) has support at 1358, 1354 and 1342-1344, and resistance is 1370 and 1376-1389. The Nasdaq (third chart) has resistance at 2354, 2364 and 2375, and support is 2330, 2323-2325 and 2290-2300. Bond traders (fourth chart) didn't know what to make of today's mixed inflation data either. Finally, Transports (fifth chart) reversed yesterday's breakout and almost broke down in the process; one to watch here.