Technical Analysis: S&P Stalls At Resistance

First-of-the-month inflows weren’t enough to keep the rally going today. The S&P (first chart below) challenged its old April uptrend line today before failing, but at least the index held yesterday’s breakout as support. Support is 1220 and 1214-1216, and resistance is 1225-1227. The Nasdaq (second chart) held its 50-day average today. Support is 2142, and resistance is 2157, 2163 and 2174-2176. The Dow (third chart) ran into a cluster of moving average resistance today. Resistance is 10,500, 10,520, 10,537 and 10,560, and support is 10,425, 10,400 and 10,350-10,370.

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