Technical Analysis: Techs Push Higher
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Nice job by the Nasdaq (first chart below) today, which managed to push higher despite a pretty wobbly set-up coming into today. On the downside, long bond yields (second chart) also continue to levitate, but at least yields are nearing very overbought levels and sentiment is very much in favor of lower yields at this point. We continue to think this will all take some time to work out, perhaps with stocks entering a holding or corrective pattern while bond yields come down. We think the set-up favors both stock and bond investors on a longer-term basis, but the timing remains in question. The Nasdaq faces resistance at 2087 and 2100, and support is 2153, 2145 and 2140. The Dow (third chart) put in an inside day today, a sign of indecision. The blue chips face resistance at 10,561 and 10,600, and support is 10,500 and 10,460. The S&P (fourth chart) faces resistance at 1226 and 1232, and support is 1214-1217 and 1210.