Technical Analysis: Rally Stalls
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The rally has stalled in the last two days, but at least dip buyers appear willing to support the market. Sub-prime loan fears did little to roil buyers today, and with the Nasdaq (first chart below) tentatively taking the lead here, there doesn't seem to be too much to worry about just yet. That said, after bumping up against resistance for the last week without much success, some sort of pause may be in order. The Nasdaq faces resistance at 2500-2509, and support is 2471-2475. The Dow and S&P (second and third charts) remain stalled at the upper trendlines of their three-month rising channels. The Dow faces resistance at 12,725, and support is 12,614, 12,580 and 12,543. The S&P faces resistance at 1455, and support is 1441 and 1435. A doji star for the 10-year yield (fourth chart) suggests hesitation here, but yields appear pointed down again. No small moves in the bond market as of late.