Technical Analysis: Finally
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Finally, some real jobs growth. Now it needs to be sustained, and wage growth - a paltry 0.1% last month - needs to pick up too. The Nasdaq (first chart below) gapped above its 50-day moving average today and kept going. Resistance levels are 2069 and 2088-2095, and support is 2050, 2046 and 2034-2037. The S&P (second chart) faces resistance at 1149-1150, 1157, 1160-1163 and 1173-1177, and support is 1132-1136 and 1126. The Dow (third chart) has resistance at 10,500-10,525 and 10,625, and support is 10,450, 10,400-10,420, and 10,329. And finally, the banks (fourth chart) put in a bearish engulfing candlestick today, a sign of some potential turbulence for interest rate-sensitive issues.