Technical Analysis: Dow Turns Tail

As expected, some big numbers in the Dow and S&P are causing some jitters here. The biggest will be 1527.46 and 1552.87, the S&P’s all-time closing and intraday highs, and they’ll likely take some time to clear, so get ready for some rocky going as we get closer. The Dow (first chart below) stalled about 16 points from 13,000 today. Support for the blue chips is 12,900, 12,840 and 12,800. The S&P (second chart) faces resistance at 1492, and support is 1476 and 1461-1465. The Nasdaq (third chart) actually fared a little better than its blue chip counterparts today. A hopeful sign for the market? Resistance is 2532 and 2550, and 2500 is very important support. Bond yields (fourth chart) can’t seem to make up their minds here, but consolidating below support suggests the possibility of more downside for yields.

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