The 10 year treasury yield climbed back above 4.5% today but despite rising yields, small caps were the outperformer today as the Russell 2000 closed up 0.83% and hit a new all time high above 3,000. Tech was the laggard as the Nasdaq closed down 1.3%. GOOG/GOOGL was a big part of this decline as it close down 5% today along with other weakness in the Mag 7. The S&P finished down 0.37% and the VIX gained about 3%.
Nothing changed technically for any of the indexes today as none of them broke through their primary trends, so none of them start any new trends. For the Nasdaq, the next daily support to watch on a pullback will be at 25,860-25,870 tomorrow which will be from its primary uptrend (white). If that doesn't hold, the last support likely in play for tomorrow will be from its prior sideways range (purple) at 25,200-25,225. The only resistance to watch for now will be from its primary uptrend (white - top of the range) around 27,225, however that is over 4% away and is unlikely that it's tested.
For the S&P, the first support to watch on a continued pullback tomorrow will be at 7,424-7,425 from its primary uptrend (white). If that doesn't hold, the last support likely in play would be from its prior uptrend (blue) at about 7,325. On a rally back, the only resistance likely in play for tomorrow will be from this same prior uptrend (blue - top of the range) at about 7,570.
The Russell 2000 will also only have 2 levels that are likely in play for tomorrow. The first will be from its prior uptrend (yellow) at about 3,060 on a continuation of the rally. Meanwhile if there is a pullback, its primary uptrend (white) will be the only support level in play for tomorrow at about 2,965.
