RealTime IT News

Technical Analysis: Blue Chips Hang On

The Dow and S&P (first two charts below) are hanging on near multi-year highs while the Nasdaq (third chart) continues to correct. A lot of rotation and selective buying, but it has yet to hurt the overall market, and first of the month inflows could support the market again on Monday. The Dow faces major resistance at 11,426, and the S&P faces resistance at 1316, 1318 and 1320. Support on the Dow is 11,350, 11,300 and 11,250-11,280, and for the S&P, 1308, 1305, 1300 and 1297 are support. The Nasdaq faces resistance at 2328-2333, 2350-2354, 2362 and 2375, and support is 2312 and 2300. Long bond yields (fourth chart) gave investors another break today, but 5% should now be a tough level to crack.