With the Nasdaq and S&P (first two charts below) once again at multi-year highs, it’s time to look at the bigger picture once again. The Nasdaq faces major resistance around 2230, and support is 2200-2207, 2182-2187 and 2175. The S&P faces major resistance at 1246, 1250-1255 and 1265, and support is 1239-1240, 1235 and 1228-1232. Not much to say about bonds (third chart) today; they continue to do the right thing here. The bigger danger is an inversion between long and short rates — a predictor of recession — if the Fed keeps hiking interest rates. The Dow (fourth chart) faces resistance between here and 10,753, with 10,850 above that, and support is 10,650-10,670, 10,600-10,620 and 10,500-10,520.
