Technical Analysis: Techs Take Aim at a Big Level

Not much to complain about today, although the move could have used better breadth behind it. The Nasdaq (first chart below) could be headed for another bout with the major resistance level of 2220. 2183-2187 is first support, with 2163-2167 below that. Long bond yields (second chart) continue to test important support; if 4.55 goes, bond bulls will have something to cheer about. The Dow (third chart) faces resistance at 10,675, 10,720 and 10,753 before its yearly high of 10,985 comes into play. Support is 10,600 and 10,500-10,520. The S&P (fourth chart) faces resistance at 1232, 1238 and 1240-1246, and support is 1228-1229, 1225-1226, 1220 and 1215.

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