Today was an epic battle between the bulls and the bears, and we’re going to score it for the bulls: they were tested but held on. The Dow and S&P (first two charts below) held their main uptrend lines today, although the S&P did so barely. The S&P needs to head up on Monday, because that line will be at 1365-1367 then. Above that, 1372-1373 is important resistance. The Dow needs to hold 11,965 on Monday, and resistance is 12,020 and 12,080. The Nasdaq (third and fourth charts) held an interesting support today: Gerald Appel’s Nasdaq:NYSE relative strength indicator barely hung onto its early September buy signal today. 2350 is the level to beat to the upside, and support is 2312 and 2290-2300. Bond yields (fourth chart) had a surprising launch today; is the 10-year yield putting in a higher low?
