Technical Analysis: Indecision
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Stocks paused to digest their stunning reversal of the last two days, and with bearish sentiment still running high witness today's near 52-week low in the ISE sentiment index there appears to be enough support for the market to hold around its recent lows. It could take some time for the market to stabilize and find its footing, however, and there will likely be some jitters around Friday's jobs report. The Nasdaq (first chart below) faces significant resistance at 1390-1405, and support levels to watch are 2370 and 2361. The Dow (second chart) has support at 12,150, 12,130 and 12,100, and resistance is 12,257, 12,300 and 12,353. The S&P (third chart) has support at 1387-1390 and 1380-1382, and first resistance is 1400-1404. Treasury yields (fourth chart) remain very much in a downtrend. And finally, how much has the market's sell-off had to do with the Wilshire 5000 (fifth chart) approaching its all-time high of 14991.68?