No help for a range-bound market today. The Nasdaq (first chart below) needs to clear its recent high at 2278 to avoid looking toppy here. Support is 2260, 2250 and 2234. The S&P (second chart) faces major resistance at 1275 and 1285. Support is 1261-1265, 1250 and 1246. The Dow (third chart) is the one index in a genuine downtrend. Resistance is 10,880 and 10,950-11,000, and support is 10,720-10,750. Long bonds (fourth chart) gave a collective yawn at the Fed’s decision today, and it’s easy to see why — two more rate hikes and the Fed funds rate will be higher than the 10-year yield. Bonds don’t have much room here at all, thanks to pressure from the Fed.
