Technical Analysis: Blue Chips Hit Headwinds

The blue chips are giving the bulls some trouble here. The S&P (first chart below) is running into major resistance at 1270-1280. The big support level on the index is 1240-1246. The Dow (second chart) is running into tough resistance at 10,950-11,000, with 10,955 and 10,985 a couple of big levels here. Support on the index is 10,890, 10,868, 10,800 and 10,700-10,750. The Nasdaq (third chart) is sitting on important support here; much lower and 2220 looks like the next support level. 2252, 2264 and 2269 are resistance. Bonds (fourth chart) continue to do their part to support the market.

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