Technical Analysis: So Much for the Fed
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So much for the Fed being the big news of the week. The Fed gave traders the tame statement they wanted, yet the market yawned. Tomorrow's personal spending and income data will likely be more eventful, and with first-of-the-month inflows and pre-holiday trading coming up, the market's in a positive cycle for the next few days. The Nasdaq (first chart below) ran into resistance at an old trendline today. Resistance is 2625 and 2636 for tomorrow, and support is 2600 and 2592-2595. The S&P (second chart) is running into resistance at a couple of moving averages at 1509 and 1514, and support is 1500. The Dow (third chart) was stopped right in the middle of 13,480-13,520 resistance, and support is 13,380. The 10-year yield (fourth chart) won't open too far from its downtrend line tomorrow, a pivotal moment for interest rates.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association