Technical Analysis: Resistance Wins Again

Another day, another struggle at resistance for the major indexes. The Nasdaq (first chart below) actually made it back above major resistance at 2235 before falling back. Support on the index is 2220 and 2213. The S&P (second chart) faces first resistance at 1270 and 1277-1282, and support is 1257 and 1246-1250. The Dow (third chart) must clear that stubborn 10,950-11,000 resistance zone, and support is 10,800-10,810 and 10,720-10,750. Long bonds (fourth chart) are creeping up in the short-term here. In short, a seasonally positive period, but there’s a lot to hold back the indexes here.

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