Technical Analysis: Dow Hits a Big Level

The Dow (first chart below) is pushing critical resistance at today’s high of 11,227. If the index can break through, 11,400 may be the next stop. Support is 11,160 and 11,050. The S&P (second chart) cleared that same resistance level today. 1316 is the next big test, the May 2001 high, and 1300, 1295 and 1288-1290 are support. The Nasdaq (third chart) faces resistance at 2315, 2321 and 2328-2333, and support is 2300, 2290-2293 and 2285. The Nasdaq 100 (fourth chart) faces a big test at 1700-1720. Long bond yields (fifth chart) remain in breakout mode.

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