Technical Analysis: Blue Chips Back on Top
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A new closing high for the Dow (first chart below) while the Nasdaq (second chart) barely made a dent in yesterday's losses. We're right back where we've been since November it remains a blue chip market. The Dow faces tough resistance at 13,162-13,170, and support is 13,030, 13,000, 12,900 and 12,800. The Nasdaq barely held its March uptrend today. The index has support at 2510 and 2500, and resistance is 2550 and 2563. The S&P (third chart) also had an intraday breakdown today before recovering. Resistance is 1488-1491 and 1498-1505, and support is 1476, 1473 and 1470. Bond yields (fifth chart) remain trapped between their 50-day and 200-day averages. Mixed signals on inflation and economic growth there too.