Technical Analysis: Bulls Back in Charge
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A week of selling failed to put much of a dent in stocks, so it's not surprising that they appear pointed back up here. A solid day today, with strong internals, and sentiment still appears restrained, important underpinnings for more upside. The Nasdaq (first chart below) even reclaimed a couple of recent breakdowns. The techs face resistance at 2372 and 2379, and support is 2357-2360, 2341 and 2330. The S&P (second chart) also has recovered from its bout with its main uptrend line. Resistance as 1389, and support is 1375 and 1368-1370. The Dow (third chart) faces resistance at 12,164-12,167, and support is 12,060 and 11,990-12,00. Bond yields (fourth chart) didn't see much follow-through today, and with nothing much on the economic agenda until next week, they could be range-bound here.