Technical Analysis: Another Hurdle Cleared
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The S&P (first chart below) finally took out 1500 today, but 1510, 1527.46 and 1552.87 still lie ahead. The danger for the market is that the bearish sentiment that has supported the market for the last year or so starts to unwind as the S&P completes its recovery from the 2000-2002 bear market. No evidence of that yet, but we'll keep watching. Support on the index is 1495 and 1490. The Dow (second chart) is struggling a little at an old rising resistance line from last November. Support is 13,200, and first resistance is 13,256. The Nasdaq (third chart) faces tough resistance at about 2580, and support is 2550 and 2532. Bond yields (fourth chart) remain very much wound up here. One to watch tomorrow.