Technical Analysis: Bulls Take a Holiday

Stocks are taking a bit of a breather here, but with the days around Thanksgiving usually pretty positive for stocks, it may not last much longer. Still, since the indexes spent the afternoon hovering near their lows, we may see some more downside in the morning. The S&P (first chart below) has support at 1395 and 1388-1390, and resistance is 1404 and 1414-1426. The Nasdaq (second chart) closed above 2450 today, but still appears to be in a flat consolidation here. Resistance is 2458, and support is 2437, 2430 and 2415. The Dow (third chart) looks a little wobbly or “wedgey” here. Support is 12,300, 12,280, 12,250, 12,200 and 12,140, while 12,355 is resistance. Bond yields (fourth chart) continue to have a downward bias, but no big breakout yet.

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