Technical Analysis: Holding Pattern
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Not much change from yesterday's column, as the Dow (first chart below) continues to hold near 13,000. That's a plus, but market internals are lagging here; the Dow's advance will need some breadth behind it or 13,000 could prove to be a fleeting accomplishment. Support remains 12,900, 12,840 and 12,800. The S&P (second chart) faces resistance at 1493, and 1469 is important support. The Nasdaq (third chart) has important support at about 2506, and resistance is 2532. Bond yields (fourth chart) continue to creep lower ahead of Friday's GDP report.