Technical Analysis: Now That’s More Like It

So much for yesterday’s unimpressive internals. The question now becomes whether today’s 90% upside days on the NYSE and Nasdaq were bullish or bearish — either sellers showing remorse and jumping back in, or too much buying that exhausts demand. Whatever the answer, we sure don’t think today was neutral. The Dow (first chart below) faces a lot of resistance at 11,040-11,050 — a big test there. Support is now 10,950 and 10,885. The S&P (second chart) faces resistance at 1261 and 1268, and support is 1250, 1245 and 1230-1235. The Nasdaq (third chart) faces tough resistance at 2167-2170, and support is 2135, 2125 and 2100. Long bond yields (fourth chart) continue to head higher.