Technical Analysis: Stocks Challenge Big Levels
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The indexes have shaken off one piece of bad news after another over the last couple of months and are now challenging some major resistance levels here; impressive strength indeed. The Nasdaq (first chart below) is pushing a tough downtrend line at 2290. Support is 2270 and 2257-2260. The S&P (second chart) is pushing major resistance at 1295, and support is 1280-1283 and 1272-1275. The Dow (third chart) is challenging the top of a three-month broadening pattern, with 11,200 the next resistance above that. Support is 11,050, 11,000 and 10,960. Longs bonds (fourth chart) gave bulls a break today. And finally, one piece of bullish data: Investors Intelligence has managed to return to its October levels as the market has chopped higher.