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Technical Analysis: S&P Stalls at Resistance

The S&P (first chart below) continues to stall at its two-year resistance line at about 1279-1283. With tomorrow's employment report on deck, this could be a big decision point for the market. To the downside, 1268-1270, 1260 and 1246-1250 are support. The Nasdaq (second chart) is testing its multi-year high at 2278, with 2288, 2300 and 2328 above that. Support is 2265-2268, 2255 and 2240. The Dow (third chart) is also showing caution ahead of tomorrow's jobs report. 10,920-11,000 is major resistance, and support is 10,800-10,840 and 10,684-10,720. Long bonds (fourth chart) also showed indecision today. Much depends on whether there is any sign of wage pressure or too-strong growth tomorrow.