Technical Analysis: Stocks Push Higher

The impressive strength continues. The Nasdaq (first chart below) faces resistance at 2370, and critical support is 2328-2333. The Nasdaq 100 (second chart) broke out today, so we’ll take that one out of the bearish column. The Dow (third chart) is back at 11,230-11,250 resistance; if that goes, 11,350-11,426 is next. Support is 11,200, 11,150, 11,100 and 11,050. The S&P (fourth chart) is pushing major resistance at 1310-1316. 1305, 1300 and 1295 are support. Long bond yields (fifth chart) also continue to hold up. 4.75%, the Fed funds rate, could be support at this point unless the market begins to smell a slowdown.

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