Technical Analysis: Still Hanging On
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Stocks held up well today after getting rejected at Dow 12,000, but once again the rally has narrowed, with techs, financials and Transports all down today, a sign of a tiring (and very overbought) market. The Dow (first chart below) faces resistance at 12,050-12,060, while support is 11,950, 11,880, 11,800 and 11,775. The S&P (second chart) faces tough resistance at 1376-1389, and support is 1360, 1354 and 1344. The Nasdaq (third chart) isn't faring as well as the blue chips here. Resistance is 2354-2355, 2362-2364 and 2375, and support is 2330, 2323-2325 and 2290-2300. Bond yields (fourth chart) remain stalled here. Finally, Transports (fifth chart) are showing more signs of weakness here.