Technical Analysis: Techs Hold Up
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The Nasdaq (first chart below) is managing to hang on at high levels despite some overbought short-term readings. Resistance for the techs is 2187 and 2200, and support is 2166, 2160, 2153 and 2140-2145. Long bond yields (second chart) are heading in the right direction for a change. If they can get back below that 18-month downtrend line, bond bulls will have something to celebrate. We continue to look for bonds to take the lead here, and they're finally showing some promise. Again, a bond rally while stocks pause or correct would be about the best set-up for the bulls here. The Dow (third chart) faces resistance at 10,590-10,620, 10,675 and 10,700, and support is 10,520, 10,500, 10,460 and 10,440. The S&P (fourth chart) is also holding up nicely here. Support is 1216, 1210 and 1200-1205, and resistance is 1226 and 1232.