Technical Analysis: Breakouts

A choppy rally so far, but it’s been strong enough to send the S&P and Dow (first two charts below) to some pretty impressive breakouts today. 1164 on the S&P (first chart below) is now critical support, and resistance is 1181, 1192 and 1200. The Dow (second chart) also took out some big resistance levels today. Ideally, we’d like to see the index hold 10,350 on any pullback, which doesn’t give the blue chips much room here. 10,500 is the next resistance level. The Nasdaq (third chart) ended the day right at major resistance; we need to see the techs follow the broader market here. 1968-1972 and 1991 are the next resistance levels, and 1950 is support.

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