Technical Analysis: Techs Break Out

The Nasdaq (first chart below) finally broke out today, and also gained on the NYSE in relative strength (second chart), two good signs for the market, which has been sorely lacking in tech leadership for months. The techs are bumping up a rising trendline here — call it 2518 for tomorrow — but if they can get through, the next stop could be 2550. First support is 2500-2509. The Dow and S&P (third and fourth charts below), however, remain the dominant pattern, and they’re bumping up again resistance here at 12,810 on the Dow and 1462 on the S&P. Tomorrow’s CPI and Fed minutes should make for interesting trading. First supports are 1449-1450 on the S&P and 12,700 on the Dow. Bonds yields (fifth chart) paused ahead of tomorrow’s reports, but the trend for yields appears to be down for now.

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