Technical Analysis: Stocks Stall

A pause for the markets today, and with good reason: with inflation and retail sales reports and Ben Bernanke’s Fed confirmation hearing all coming up on Tuesday, investors have good reason to be cautious. The Nasdaq (first chart below) is pausing just below the major resistance level of 2220-2230. 2183-2187 is first support, with 2163-2167 below that. The bond market (second chart) still won’t give us the support we’re looking for — with any luck, tomorrow’s news can begin to change that. The Dow (third chart) faces formidable resistance at 10,720-10,753, and support is 10,600-10,620 and 10,500-10,520. The S&P (fourth chart) faces major resistance at 1240-1246, and support is 1233, 1229, 1225, 1220 and 1215.

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