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Technical Analysis: S&P Hits Headwinds

The S&P (first chart below) is once again running into a trendline that has halted rallies since early 2004. That makes 1276-1280 or so very tough resistance for the index. Support is 1265, 1260 and 1250. The Nasdaq (second chart) still needs to clear its recent high at 2278 to avoid looking toppy here. Support is 2254, 2250 and 2234. The Dow (third chart) is faring somewhat better today. Resistance remains 10,950-11,000, and support is 10,820 and 10,720-10,750. Long bonds (fourth chart) put in a heck of a move today — finally something to cheer about there.



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