Technical Analysis: Rally Hits Resistance

The rally once again turned selective today, as neither exchange could muster 70% upside volume. That’s pretty weak internal support, but perhaps Friday’s jobs report can change that. The Nasdaq (first chart below) faces resistance at 2085-2090, 2100, 2110 and 2119, and support is 2065 and 2050. The S&P (second chart) neared our 1287 target today; 1291 is the next big level if the index can clear that. Support is 1275 and 1268-1270. The Dow (third chart) faces tough resistance between here and 11,330, and support is 11,100 and 11,040. Long bond yields (fourth chart) are threatening a downside breakout here.

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