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Technical Analysis: S&P Breaks Out

Another uninspiring set of candlesticks, but at least the bulk of the gains stuck this time. The S&P 500 (first chart below) broke out today, a plus for the bullish case. Now it needs to hold 1140 support; below, 1132 looks like the next strong support level. Resistance is 1147-1150 and 1157-1163. The Nasdaq (second chart) cleared 2000 resistance today, but stalled just below the next resistance level of 2025. Support is 1993-2000, 1970-1975 and 1950-1954. The one negative we'd note on the Nasdaq is poor upside volume — below 60% today. The Dow (third chart) was stopped at its main downtrend line today. Resistance is 10,220-10,250, and support is 10,110, 10,080 and 10,050-10,060.



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