Technical Analysis: Techs Hang On
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We're going to take another look today at what the recent selective buying means for the stock market. The NYSE advance-decline line (first chart below) is failing to make a new high with the blue chip averages for the first time since the market bottomed last October. That kind of weakness among the broader market can lead to a bigger decline. It would take about 2,500 net advances for that index to make a new high at this point. The Nasdaq (second chart) hung onto 2300, with 2290, 2275-2282, 2250 and 2243 all important support levels below that. Resistance is 2314, 2328-2333 and 2340. The Dow (third chart) remains very strong here, but is stalling at the major 11,426 resistance level. Can the generals head higher without support from the troops, the broader market? First support is 11,340-11,370. The S&P (fourth chart) faces major resistance at 1316-1320, and support is 1303 and 1297-1300. Long bond yields (fifth chart) pushed higher today, but gave back much of their gains by the close. What will Friday's jobs report bring?