Technical Analysis: Techs Continue to Impress
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The Nasdaq (first chart below) continues to impress, and just has to keep pace with the NYSE for the rest of the week to register a buy signal under Gerald Appel's relative strength indicator (second chart). The techs are bumping up against a rising trendline here, though, so they'll need to power through that to continue their advance; we'll call that line at 2521 for tomorrow, and support is 2500-2509. The Dow and S&P (charts three and four) remain very much stuck here, unable to clear rising resistance lines that have held sway since November. Still, they continue to churn out decent gains as long as those rising channels are in play. 12,825 on the Dow and 1463 on the S&P are resistance, and first supports are 1449-1450 on the S&P and 12,700 on the Dow. Bonds yields (fifth chart) have paused here, but they so far just look like a consolidation in a downtrend. Let's see how that expectation plays out.