Technical Analysis: Indexes Test Big Levels

The major indexes are all pushing some very big levels here, starting with the S&P (first chart below) which is pushing the very top of a two-year resistance line at about 1285; that line should be a few points higher next week. Above that, 1300 and 1316 are the next big levels. To the downside, 1275, 1268-1270, 1260 and 1246-1250 are support. Next up for the Nasdaq (second chart) is its May 2001 peak of 2328, and support is 2290 and 2278-2280. The Dow (third chart) is once again pushing 11,000; can it finally clear that big round number? Support is 10,875-10,920 and 10,800-10,840. Long bonds (fourth chart) weren’t too happy about today’s bigger than expected wage gains. Also, we’d note that commercial traders continue to short the big S&P contract; they’re often early, but rarely wrong.

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