Technical Analysis: And Now for the Jobs Report
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The Nasdaq (first chart below) continues to look strong here, and with any luck it will drag the blue chips along with it on tomorrow's jobs report. The next resistance zone can be found around 2680, and support is 2650, 2640 and 2631-2635. The S&P's all-time high of 1527.46-1552.87 continues to be the big hurdle for the market. 1540 is a big resistance level (second chart), and support is 1512-1518. The Dow (third chart) faces tough resistance at 13,600, with 13,692-13,700 above that, and support is 13,500 and 13,420-13,470. The 10-year yield (fourth chart) failed at 4.9%-5.0% and is now doing some technical damage to the upside. One to watch tomorrow.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association