Technical Analysis: Bulls Get Tested

The Nasdaq (first chart below) broke its three-week uptrend today. 2276 is now important support, with 2250 the next big support level below that. 2300 is now resistance again. The S&P (second chart) is also facing a big test of support at 1273-1276. Resistance is 1282 and 1288. The Dow (third chart) has support at 10,912 and 10,850, and resistance is 11,000, 11,050 and 11,085. The reason for today’s sell-off? A 20-month high in long bond yields (fourth chart). Based on that breakout, long rates could see 5.5%.

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