Technical Analysis: Stocks Get Slammed

A tough day for the bulls. The good news is we’ll soon have monthly inflows and quarterly window dressing to support the market, but stocks are struggling here. The Dow (first chart below) gave up 12,350 support today; the next support levels are 12,260 and 12,190. To the upside, 12,350-12,367 is now first resistance, with 12,400 and 12,460 above that. The Nasdaq (second chart) also had an uninspiring turn lower today. 2408 is major support, and resistance is 2428, 2434-2437, 2440 and 2445. The S&P (third chart) is coming up on important support at 1410, and resistance is 1423-1425, 1430 and 1435. No change in the bond picture (fourth chart): yields remain choppy, but pointed up in the short term.

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