Technical Analysis: Techs Stay Stuck
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The Nasdaq (first chart below) continues to lag badly, while blue chips push to multi-year highs. So which one will lead? Time will tell, but the selective buying remains a negative here. 2300 is shaping up to be important support for the techs, with 2290, 2275-2282, 2250 and 2243 below that. Resistance is 2328-2333 and 2340. The Dow (second chart) is right at 11,426 resistance; an important level for the market in general. First support is 11,340-11,350. The S&P (third chart) faces major resistance at 1316-1320, and support is 1304 and 1297-1300. Long bond yields (fourth chart) remain stalled here.