Technical Analysis: No Break for Bulls

About the only positive we can find here is that the Nasdaq and S&P aren’t following the Dow to new lows, at least not yet. The Dow (first chart below) made a nice attempt to recover from yesterday’s breakdown before turning back down today. 11,030-11,040 and 11,077-11,100 are resistance, and support is 10,925 and 10,872. The Nasdaq (second chart) has support at 2144 and 2125-2135, and resistance is 2185 and 2200. The S&P (third chart) has support at 1254 and 1245-1250, and resistance is 1261, 1270, 1275 and 1281. No break from long bond yields (fourth chart) today, but they sure look set up to head lower in the near term.

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