Technical Analysis: Hanging On

So far the bulls are resisting profit-taking efforts nicely; as long as that holds, the indexes have a good chance at more upside. Whichever way the indexes break out of their current consolidations could dictate the direction of the next move. That makes 2138 important support on the Nasdaq (first chart below), and 2160 and 2168 important resistance. The S&P (second chart) faces resistance at 1302.5, and 1293 is important first support. The Dow (third chart) is range-bound between 11,300 and 11,384. Bond yields (fourth chart) are stalling near their 200-day average, which has marked important inflection points in the past.

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