Technical Analysis: S&P Gets Stopped
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The S&P (first chart below) got stopped right at the important 1488 level today; above that and the bulls may be onto something. 1461, 1452 and 1440 are support. The Nasdaq (second chart) got stopped at 2576 resistance, with 2607-2615 looming above that, and support is 2525-2531. The Dow (third chart) broke above 13,520 resistance today but then got beaten back. 13,560 and 13,640 are waiting above that, and support is 13,350-13,400. The 10-year yield (fourth chart) is another one trying to bottom that can't quite break out.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association