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Technical Analysis: Bulls Stay in Charge

The Dow (first chart below) gets points for perseverance: if not for Caterpillar , the index would have been up more than 60 points today. Especially impressive was the index's ability to withstand profit-taking a day after a major milestone. That said, despite the headline 12,000 number, the indexes have essentially been range-bound in recent days. Now that options expiry is out of the way, we'll see if the indexes can continue to resist selling efforts next week. The Dow faces first resistance at 12,050, and support is 11,940-11,950, 11,880 and 11,810. The S&P (second chart) faces resistance at 1373 and 1376-1389, and support is 1360-1362, 1354 and 1350. The Nasdaq (third chart) faces resistance at 2347, 2350-2355, 2362-2364 and 2375, and support is 2323-2330 and 2300. Bond yields (fourth chart) remain range-bound between 4.72 and 4.85.