Technical Analysis: Chips Lead the Way Higher

The chip sector (first chart below) was trying to turn green today even as the rest of the market was selling off, a hint that the rest of the market might soon follow. The Nasdaq (second chart) found support near the 2090 level. First support levels are 2125 and 2117, and 2150 is a big first resistance level. The Dow (second chart) found support at the big 11,030-11,040 level, a plus there. First support is 11,100, and resistance is 11,160, 11,220, 11,280-11,290 and 11,330. The S&P (third chart) held 1259 support today, another positive for the bulls. First support is 1264, and resistance is 1281 and 1291. Long bond yields (fourth chart) are still headed lower, but they found some support today.

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