Technical Analysis: Blue Chips Hit Headwinds
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The S&P (first chart below) is once again running into resistance from two-year-old trendlines in the 1270-1280 range. The first line is at 1273 this week, and the second appears to be at about 1282. Support is 1262, 1258 and 1250. The Dow (second chart) continues to struggle mightily at 10,950-11,000 resistance. Support is 10,845, 10,800 and 10,720-10,750. The Nasdaq (third chart) faces resistance at 2278, with 2288, 2300 and 2328 above that, and 2250 and 2235 are support. Bond yields (fourth chart) finally made a move in the right direction today. A lower high for bond yields?