Technical Analysis: Stocks Push Higher
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A nice move by stocks today, particularly on the Nasdaq (first chart below), which took out two trendlines at 2150 today. It now has a third trendline at that spot an uptrend line making 2150 an important first support level for the techs. The next resistance levels for the Nasdaq are 2168 and 2190. It's probably a little early to point this out, but the S&P (second chart) could be in the early stages of forming an ending diagonal, which would complete the corrective rally that began in mid-June just in time for the start of the weakest month of the year. 1296 is important support, and 1307 is resistance. The Dow (third chart) held its uptrend nicely today and remains the index closest to major support, at 11,295 and 11,257. 11,395-11,400 and 11,426 are first resistance levels. Bond yields (fourth chart) continue to pause at their 200-day average.