November 14, 2006
Technical Analysis: Another Day, Another Rally
By Paul Shread
Another day, another breakout, and until traders show signs of excess enthusiasm, that trend will likely continue. The S&P (first chart below) has the best-defined resistance levels at this point, so we'll start with that index. First up is 1395, the equivalent of 1400 on the futures, where the index stalled today. Above that, the 1400 and 1414-1426 levels come into play. To the downside, first support is 1389, and 1380 is critical. The Nasdaq (second chart) took out 2420-2425 resistance, which is now first support, with 2400 below that. Next up is 2450. The Dow (third chart) is hitting a bit of rising resistance here, while the general support area is 12,080-12,130, with 12,200 first support. Bond yields (fourth chart) came close to a breakout today before stalling.
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