Technical Analysis: Bulls Try Again

The bulls continue to show resilience here; now we’ll see how they handle tomorrow’s onslaught of news. The best sign for longs today was that the S&P (first chart below) broke above its highs of the last two days; now we need the Dow and Nasdaq to do the same. 1435-1436 and 1440 are resistance for the S&P, and support is 1423, 1419 and 1415. The Nasdaq (second chart) needs to clear 2452-2455 and 2471, and 2439-2442 is important first support. The Dow (third chart) has support at 12,510 and 12,465, and resistance is 12,543, 12,614 and 12,650. The 10-year yield (fourth chart) is hesitating ahead of tomorrow’s reports, and the 30-year (fifth chart) is pausing at the 5% level.

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