Technical Analysis: Coiling

The most interesting index the last few days has been the Dow (first chart below), which is wound up in a very tight symmetrical triangle. A break above 11,317 or below 11,244 could be worth a good move for the index. The next important levels are 11,350-10,426 to the upside, and 11,210 to the downside. The Nasdaq (second chart) remains stuck in a range between 2333 to the upside and 2280-2285 to the downside. 2295-2300 is first support. The S&P (third chart) faces resistance at 1307, 1310 and 1316, and support is 1300, 1295 and 1292. A potential break from long bond yields (fourth chart) today.

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