Technical Analysis: Rarified Air
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With the Nasdaq (first chart below) clearing all resistance in sight, the S&P and Dow (second and third charts) will now set the resistance levels. The S&P faces next resistance at 1300 and 1316, and support is 1280-1285. The Dow faces its next big test at 11,200 and 11,350, and 10,950-11,000 is now support. The Nasdaq has support at 2328 and 2295-2305. Sentiment and rising long bond yields (fourth chart) remain negatives for the market, but there's no arguing with momentum for now. We'll see if it holds when earnings reports hit next week.