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Technical Analysis: Bulls Push Higher

Another solid performance by the bulls today, as the Nasdaq and S&P (first two charts below) pushed through the upper trendlines of potential bearish rising wedges today, throwing those patterns into doubt. We'll see how those breakouts fare when earnings and consumer inflation data hit next week, but the ability to push through rising resistance is a sign of strength. Next up for the Nasdaq is 2493, 2500, 2509 and 2531, and support is 2488, 2480, 2471 and 2465. The S&P could be headed for its post-2002 high of 1461, and support is 1452, 1450 and 1443. The Dow (third chart) didn't quite break out today. Resistance for Monday is 12,635 and 12,700, and support is 12,500. Bond yields (fourth chart) also broke through today, which could be a concern for stock market bulls at some point.