Technical Analysis: Techs Push Higher
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Rising interest rates and oil prices had little effect on tech stocks today, but they held back blue chips. Still, given the day's inflation news, buyers showed resilience. The Nasdaq (first chart below) is pushing five-year highs at 2375, with 2390-2400 above that. 2350 and 2328-2333 are support. The Dow (second chart) faces resistance at 11,300 and 11,350-11,426, and support is 11,235, 11,200, 11,150 and 11,100. The S&P (third chart) faces major resistance at 1314-1316, and support is 1300-1303. Back above 5% for long bond yields (fourth chart) today.