Today’s bounce didn’t come close to resistance and internals were uninspiring, but Monday could see some more upside. The Dow and S&P (first two charts below) are some distance still from back-testing their breakdowns of the last two days, as the round numbers of 11,400 and 1300 stopped today’s rally. The Dow faces resistance at 11,425 and 11,460, and support is 11,320 and 11,250. The S&P faces resistance at 1306-1308, and support is 1289-1293 and 1281. The Nasdaq (third chart) could run into sellers at 2168, 2185, 2190-2193 and 2200, and support is 2150, 2135 and 2115-2125. Bond yields (fourth chart) continue to tell the Fed it’s gone too far.
