Technical Analysis: Getting Better All The Time

Tech stocks continue to be the best thing going for the market here. A move above 2471 and the Nasdaq (first chart below) could be off to the races. First support is 2450-2453. Options indicators were better behaved today, with ISE sentiment readings down in the double digits most of the day. With pre-holiday trading generally favorable, the next couple of days could add to the gains. A break above 1418 would be a good sign for the S&P (second chart), with 1427-1432 major resistance above that. 1402-1406 remains important support. The Dow (third chart) is stuck between 12,350 and 12,450 here. Bond yields (fourth chart) continue to pause here ahead of Friday’s retail sales data.

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