Technical Analysis: Blue Chips Set The Pace
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Blue chips continue to lead the market here, and while some of that is likely due to jitters ahead of tomorrow's unemployment report, it's been a persistent trend since mid-December. The market's not likely to make a huge advance as long as investors are playing it safe. Still, with the indexes all consolidating at recent highs, more upside is certainly possible from here. The Nasdaq (first chart below) is so far clinging to 2150 support, with 2135 below that. Resistance is 2170, 2185 and 2195-2200. The Dow (second chart) faces resistance at 11,280-11,290 and 11,330, and support is 11,180, 11,123-11,131, 11,100 and 11,040. The S&P (third chart) has support at 1270 and 1263, and resistance is 1281, 1285 and 1291. Long bond yields (fourth chart) are once again range-bound.