Technical Analysis: Blue Chips Break Out
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With the Dow (first chart below) clearing the major resistance level of 10,426, can the NYSE advance-decline line (second chart) follow? We still need a couple thousand net advances for that to happen. 11,400-11,426 and 11,350 are support on the Dow, and resistance is 11,463 and 11,500. The Nasdaq (third chart) faces tough resistance from 2328-2337, and support is 2315, 2300 and 2290. The S&P (fourth chart) faces major resistance at 1316-1318 and 1325, and support is 1308, 1303 and 1298-1300. Long bond yields (fifth chart) formed a nice doji star today, a sign of hesitation; what will Friday's jobs report bring?