Technical Analysis: Bye-Bye Breakout

The Nasdaq’s (first chart below) big breakout lasted all of a day. That said, it wouldn’t take much of a gain to reclaim that line; call it 2284 for tomorrow, which also marks first of the month inflows. The next resistance levels are 2291 and 2297-2300, and support levels are 2280 and 2271. The S&P (second chart) has a big support level at 1275, and 1288 and 1295-1300 is resistance. The Dow (third chart) has support at 10,960 and 10,900, and resistance is 11,050 and 11,160. Longs bond yields (fourth chart) remain stuck in a tight range.

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