RealTime IT News

Technical Analysis: Market Continues to Impress

Despite rising interest rates and commodity and energy prices, and commercial futures traders shorting during the weakest part of the four-year presidential cycle, the Dow (first chart below) is within reach of its all-time high. That's impressive strength indeed. 11,722-11,750 is the index's all-time closing and intraday highs, and 11,426 should now be support. It's the old-line industrials that are leading this charge, names like Boeing , Caterpillar , 3M and United Technologies .

A strong move in the NYSE advance-decline (second chart) today accompanied the gains; not much more needed for the bulls to get back on track there. Nice action in the Nasdaq (third chart) today. Support is 2328-2333, and resistance is 2350-2354, 2362 and 2375-2380. The S&P (fourth chart) faces a band of resistance from 1325-1350, and 1316-1318 and 1300 are support. A promising move in bonds (fifth chart) today; will the Fed be as kind next week?