Technical Analysis: S&P Stays Stuck

The S&P (first chart below) didn’t get its new all-time high today, but at least the rally broadened for a change, with small caps and techs outperforming. That kind of breadth has been sorely lacking in this rally, but it remains to be seen if one day will mark the beginning of a trend. 1527.46 and 1552.87 remain the levels to beat for the S&P, and 1520 and 1512 are support. The Dow (second chart) looks extended any way you slice it; a breather while the small caps take over would be just about the best scenario for the bulls here. Resistance is 13,600, and 13,500 is first support. The Nasdaq (third chart) took a welcome turn in the spotlight today. 2600 could turn out to be tough resistance for the techs, and support is 2567, 2550 and 2540. The 10-year yield (fourth chart) finally rested today. 4.9% remains the target, and first support is 4.775%.