A big test coming up for the S&P (first chart below), which is once again nearing its two-year resistance line at about 1278-1283. The index has been repelled at that line for the last seven weeks; will this time be different? To the downside, 1268, 1260 and 1246-1250 are support. The Nasdaq (second chart) faces resistance at 2278, and support is 2255 and 2240. The Dow (third chart) has been repelled by 10,920-11,000 since November; another big level the bulls must surmount. Support is 10,800-10,820 and 10,684-10,720. Long bonds (fourth chart) are at three-month lows; a plus for the bulls there.
