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Tuesday, May 30, 2006 9:35:38 PM
Technical Analysis: Stocks Turn Lower
By Paul Shread
http://www.internetnews.com/bus-news/article.php/3609956
After today's sharp turn lower, the best hope may be for a successful retest of last week's lows. Federal Reserve meeting minutes and a Google call with investors will both hit at 2 p.m. Eastern Time tomorrow, which should make for a lively afternoon. The Nasdaq (first chart below) has support at 2159, 2150 and 2125-2135, and resistance is 2170, 2185, 2200 and 2215. The Dow (second chart) has major support at 11,030, with 11,000 and 10,960 below that, and resistance is 11,230, 11,278 and 11,330. Note the potential head and shoulders top in the Dow below 11,030. The S&P (third chart) has support at 1259, 1255, 1250 and 1245, and resistance at 1265, 1275 and 1281. Long bond yields (fourth chart) are pretty much stuck in neutral between 5% and 5.2%.
By Paul Shread
http://www.internetnews.com/bus-news/article.php/3609956
After today's sharp turn lower, the best hope may be for a successful retest of last week's lows. Federal Reserve meeting minutes and a Google call with investors will both hit at 2 p.m. Eastern Time tomorrow, which should make for a lively afternoon. The Nasdaq (first chart below) has support at 2159, 2150 and 2125-2135, and resistance is 2170, 2185, 2200 and 2215. The Dow (second chart) has major support at 11,030, with 11,000 and 10,960 below that, and resistance is 11,230, 11,278 and 11,330. Note the potential head and shoulders top in the Dow below 11,030. The S&P (third chart) has support at 1259, 1255, 1250 and 1245, and resistance at 1265, 1275 and 1281. Long bond yields (fourth chart) are pretty much stuck in neutral between 5% and 5.2%.
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