Technical Analysis: A Big Day for the Bulls

Another show of strength by the bulls today, erasing the last of the potential bearish rising wedges that formed last week and sending the S&P (first chart below) to a new post-2002 high — about 60 points from its all-time closing high. The index could hit some resistance at 1475, and 1461, 1453 and 1446 are support. The Nasdaq (second chart) is nearing its post-2002 high of 2531. 2500 and 2492 are support. The Dow (third chart) also busted a move today. 12,800 is resistance, and 12,640 and 12,600 are support. Bond yields (fourth chart) are struggling ahead of tomorrow’s CPI report.

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