Technical Analysis: Market Grinds Higher

The market continues to grind higher, and on rising volume today too, but upside volume was lacking on both exchanges, usually not the most positive of signs. The Nasdaq (first chart below) continues to lag, holding below tough resistance in the 1870-1880 range. We’d like to see the index hold 1850 tomorrow; a break of that level would take out a nice uptrend line. Support below that is 1840. The S&P (second chart) continues to grind higher. Resistance is 1125, 1127-1128, 1130-1132 and 1135, and support is 1110-1113. The Dow (third chart) is pushing nicely through resistance. Above 10,363, the next resistance levels are 10,400, 10,430-10,450 and 10,487. Support is 10,300, 10,260-10,270 and 10,210.

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