Technical Analysis: Repelled Again
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The S&P's all-time intraday high of 1552.87 remains quite a hurdle for the market, and with only a month or so left until seasonality turns negative, it may turn out to be the final milestone for the bull market for a while, with market sentiment beginning to turn against the bulls. 1505 is important first support on the S&P (first chart below), and resistance is 1516 and 1520-1525. The Nasdaq (second chart) is sitting right on support here; much lower and 2585 and 2570 come into play. 2612 and 2620 are resistance. The Dow (third chart) is also right on support, with 13,430 the next important support level. 13,570, 13,600 and 13,692-13,700 are the levels to beat to the upside. The 10-year yield (fourth chart) simply retested yesterday's breakdown today; 5%-5.03% still looks possible.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association