Only 13 points separate the S&P (first chart below) from its all-time closing high of 1527.46, but there’s a major trendline standing in the way that has acted as a virtual wall since November. Above 1517 and the index could be on its way to a new all-time high. Support is 1504 and 1498-1500. The Dow (second chart) is facing some psychological resistance at 13,500, so there’s two big levels to watch here. 13,380-13,400 is first support. The Nasdaq (third chart) is forming a down channel here. Dare we call it a bull flag? If the index can clear 2555, it could be off to the races. Support is 2535, 2525 and 2519. The 10-year yield (fourth chart) held above its 200-day average today but stalled at a downtrend line. If yields can clear that level, interest rates could be pointed up.
