Technical Analysis: Blue Chips Hang On
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The S&P (first chart below) held its main uptrend line today with a little room to spare. That said, because that trendline is rising, the index will have to hold 1363-1365 tomorrrow; not a lot of room for error if the market doesn't like the jobs report. To the upside, 1375 looks like important resistance. The Dow (second chart) has a little more wiggle room; the index could go as low as 11,950 without breaking support. 12,090 is a big level to the upside. The Nasdaq (third chart) remains broken, however, with 2345-2347 the level to beat for tomorrow. Support is 2320 and 2290-2300. Bond yields (fourth chart) finally took a break today.