Technical Analysis: Stocks Blast Through Resistance
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The Dow and S&P (first two charts below) blasted through resistance today after traders decided that a weak jobs report was good news for interest rates — that's pretty bullish behavior. The Nasdaq (third chart) is still some distance from the same resistance level — the January recovery high in the 2100-2108 resistance zone — so while the techs may be lagging, the Dow and S&P suggest that the index has a shot at that level. The Dow has resistance at 10,750-10,775 and 10,868, and support is 10,629-10,664 and 10,600. The S&P has resistance at 1205, 1210 and 1218, and support is 1200 and 1196. The Nasdaq has resistance at 2100-2108, and support is 2065-2073.