Technical Analysis: Techs Break Out
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The Nasdaq (first chart below) cleared a resistance line today that has capped rallies for the last two years. No small breakout for the techs. The next big levels on the monthly chart are 2252 and 2328. Support is 2230-2235, 2220 and 2200-2207. The S&P (second chart) faces major resistance at 1260-1265, with 1275 above that. Support is 1250, 1246 and 1240-1242. The Dow (third chart) faces resistance at 10,868 and 10,985-11,000, and support is 10,720-10,753 and 10,650-10,670. Bonds (fourth chart) are hanging on here, but any rally had better include the short end of the yield curve or we'll have inversion (short-term yields above long-term yields), a predictor of recession.