Technical Analysis: Techs Break Out
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A solid breakout for the Nasdaq (first chart below), which broke its six-week downtrend without looking back. The next resistance levels are 2314 and 2328-2333, and support is 2300, 2291 and 2286. The S&P (second chart) ran into its long-running resistance line at today's high of 1297.57. Support is 1285-1288, 1282 and 1274-1275. The Dow (third chart) failed at its upper trendline today. Resistance is 11,165 and 11,200, and support is 11,050, 11,000 and 10,960. Long bond yields (fourth chart) are trying to move higher out of their narrow range.