Technical Analysis: Finally
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Finally, a new all-time for the S&P (first chart below). Just based on the size of the range the index is breaking out of, it should approach if not exceed 1600, although jitters could well remain. 1532-1540 should now be solid support. The Dow (second chart) also had a big breakout this week, and should be headed for at least 14,000-14,100. Support is way back at 13,670-13,700, although 13,800 should be first support. The Nasdaq (third chart) could be headed for 2750-2800 but that level marks the start of a whole lot of resistance between here and 3000 that should take some work to get through. 2675 is first support. The 10-year yield (fourth chart) remains comfortably stalled between 4.9-5.0% and the 5.25% neutral zone.
Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association