Technical Analysis: S&P Pushes Resistance

Bulls continue to push higher in the wake of the recent Dow Theory bull signal, with the S&P (first chart below) trying to break out of a multi-month trading range here.

Resistance on the S&P is 1406 and 1435, and support is 1370 and 1360.

The Dow (second chart) has support at 12,743 and 12,530, and resistance is 13,000-13,100.

The Nasdaq (third chart) faces resistance at 2475, 2500 and 2530-2540, and support is 2391-2400, 2350 and 2330.

Finally, the dollar (fourth chart) is once again trying to bottom, but it hasn’t put much of a dent in commodity prices yet (fifth chart).

Paul Shread is a Chartered Market Technician (CMT) and member of the Market Technicians Association.

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