Technical Analysis: S&P Still Can’t Get the Job Done

The S&P (first chart below) continues to stall at the same trendline that has restrained rallies since November. If the index can clear that upper trendline at 1518 tomorrow, its all-time closing and intraday highs of 1527.46 and 1552.87 come into play. If it can’t, the index risks a pullback. 1507-1508 is important first support, with 1500 below that. The Dow (second chart) is running into some headwinds at 13,500. 13,460 and 13,390-13,400 are first support levels. The Nasdaq (third chart) remains stuck in a downtrend. Resistance is 2552, and support is 2535, 2525 and 2515. The 10-year yield (fourth chart) continues to strengthen. If the March-April rise is duplicated, yields could be headed for 4.9%.

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