New highs on rising volume for the Dow and S&P (first two charts below); hard to argue with that. The S&P is approaching major resistance at 1160, the 50% retrace of the all-time high, and 1173-1177, the 2002 peak. No small levels there. Support on the S&P is 1155, 1150, 1145 and 1142. The Dow faces resistance at 10,750 and 10,800, and support is 10,705, 10,673, 10,650, 10,600 and 10,572. The Nasdaq (third chart) has major resistance at 2100 and 2120, and support at 2080-2085, 2073-2075 and 2063-2065. Today’s rising volume negates the bearish rising wedge that was forming in the index, but the techs remain the weakest-looking of the major indexes. Dell’s earnings tomorrow night should clarify direction for the techs.
