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Technical Analysis: S&P Hangs On

The S&P 500 (first chart below) bounced right where it was supposed to today. If that support level (1532-1533) goes on any subsequent retest, 1520 should be solid support. To the upside, 1556 is tough resistance, and a close above the March 2000 high of 1552.87 would be a plus. The Dow (second chart) has support at 13,800 and 13,670-13,700, and a close above 14,000 would be a victory for the bulls. The Nasdaq (third chart) has pretty solid support at 2674, with 2652-2663 and 2640 below that. Resistance starts at 2720 and gets tougher from 2750 on. The 10-year yield (fourth chart) is testing 4.9-5.0% support here; a big level to watch.

Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association