Technical Analysis: Bulls Take a Break

Lots of indecision today ahead of tomorrow’s CPI report and expiry, with the S&P and Dow (first two charts below) putting in “inside days” completely within yesterday’s trading range. One negative we’d note is that internals — advance-declines and up/down volume — were much weaker than the indexes, a sign of eroding support here. The S&P (first chart) faces resistance at 1321-1323 and 1327, and 1311-1315 is first support. The Dow (second chart) faces resistance is 11,567, 11,600 and 11,640-11,670, and support is 11,480-11,500, 11,450 and 11,400. The Nasdaq (third chart) is holding up admirably at its 200-day average. 2234 and 2245 are the next big levels, and 2218, 2207-2211 and 2200 are support. Quite a reversal in bonds (fourth chart) today; the start of a long-awaited correction?

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