Technical Analysis: New Highs Across The Board

New highs for the major indexes today – a bullish sign, but we would note that volume declined today, and breadth and upside volume were less than stellar. A sign of a weakening rally? That said, the Dow (first two charts below) took out important resistance at 10,673 today, which is now first support. Next resistance is 10,750-10,800, and support is 10,673, 10,600-10,625 and 10,568. The S&P (third and fourth charts) could be headed for the important resistance zone of 1170-1177. Support is 1150, 1147 and 1141. The Nasdaq (charts five and six) has resistance at 2163 and support at 2140 and 2120. An amazing rally that just keeps chugging, but there are some signs of slowing momentum here.

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