Technical Analysis: Bulls Back On Top
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Another win for the bulls today; market internals weren't exactly inspiring, but it still counts. Blue chip breakouts have been sold in recent weeks; for this one to be different, we'll need more participation from the Nasdaq (first chart below), which has been generally lagging since November and needs to get back above 2471 or risk looking like a head and shoulders top. Support for the techs is ideally 2452, the top of the first leg up off the Jan. 26 low, with 2440-2442 below that. The S&P (second chart) faces resistance at 1441 and 1450, and support is 1435 and 1427. The Dow (third chart) faces resistance at 12,660-12,675, and support is 12,543. The 10-year yield (fourth chart) finally gave traders a break today, and are the Transports (fifth chart) finally ready to support the Dow's move to new highs?