The indexes all broke short-term uptrends today, a near-term negative for stocks. The Nasdaq (first chart below) looks like the weakest of the major indexes, having twice overlapped the first wave up off the January low. 2030-2040 is the next support zone, and resistance is 2060 and 2080-2085. The S&P (second chart) took out 1196-1200 support today, but the index wouldn’t overlap its first wave up until 1177.5. The index closed right on its 50-day average, and 1185 is also support. Resistance is 1196-1200 and 1205. The Dow (third chart) has support at 10,612 and 10,532, and resistance is 10,700 and 10,750.
Finally, a look at S&P 500 performance since 1950 following six interest rate increases by the Federal Reserve, courtesy of Chart of the Day (www.chartoftheday.com). Stocks could face tough going over the next year or so if the historical pattern holds.
