Technical Analysis: Dow, S&P Face Big Tests
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The Dow and S&P (first two charts below) are pushing some big resistance levels. The Dow faces some major trendlines around 11,200, while the S&P is sitting right at the same trendlines. Above 1300, 1316 is a big level for the S&P. Support is 11,050 on the Dow and 1280-1288 on the S&P. The indexes' strength remains impressive. The Nasdaq (second chart) faces resistance at 2300, 2310, 2315 and 2322, and support is 2280-2283. Long bond yields (fourth chart) gave bulls a big break today, but now they face a big test too.