Technical Analysis: Indexes Still Hanging On
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The S&P 500 (first chart below) bounced right above the critical 839.50 level today. Below that level, 835-837 could provide some support, but 800 or lower would become the likely target. To the upside, 855-860 is first resistance and 865-875 is critical resistance. The Dow (second chart) has critical support at 7875-7902.6, and resistance at 8158-8175 and 8200-8250. The Nasdaq (third chart) broke 1320 support, a negative, but held the 1300 level. Below 1300, 1263-1273 comes into play. 1320 and 1332-1335 should now be tough resistance. Negatives today were rising volume and a sharp reversal in new highs/new lows. Today's equity-only put-call ratio reading, while a more modest .77, may still have been skewed by another very large paired trade in QQQ puts.
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