The most interest development today was the huge rally in the bond market that sent long bond yields (first chart below) below the fed funds rate, something that usually doesn’t happen unless the bond market expects a slowdown. Stocks, meanwhile, had a tougher time getting a handle on today’s news. The Nasdaq (second chart) faltered before it ever got to the major resistance level of 2240-2245. First resistance is 2230, and support is 2190-2200. The Dow (third chart) faces tough resistance at 11,275 and 11,330, and support is 11,200, 11,140 and 11,100. The S&P (fourth chart) faces resistance at 1291, 1296 and 1300, and support is 1280, 1275 and 1272.
