The Fed was of little help today. Investors have been buying the “Fed pause” rumor since December; will they now sell the news? Certainly the major indexes all look like they’re consolidating in a downtrend, setting up another potential leg down in the fall. The Nasdaq (first chart below) has important first support at 2050, and resistance is 2093 and 2107. The S&P (second chart) has resistance at 1284, and support is 1270 and 1265-1267. The Dow (third chart) faces resistance at 11,230, 11,290 and 11,330-11,344, and first support is 11,130, with 11,100, 11,040 and 11,000 below that. Long bond yields (fourth chart) remain one to watch; they bought the pause rumor — will they too sell the news?
