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Technical Analysis: Stocks Challenge Big Levels

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.