Technical Analysis: Trading Range Narrows
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The Dow (first chart below) is running out of room and will have to decide soon which way it is going to break. Support is 7850-7855 and 7775, and resistance is 7950 and 8000. The S&P (second chart) also looks to be winding up for a big move, with resistance at 847-852 and support at 835-837 and 827. The Nasdaq (third chart) has resistance at 1352, and support at 1324-1327, 1319, 1310, 1300 and 1292. The SOX (fourth chart), the semiconductor index, continues to make it interesting, and another 2-3% up day on Monday would look potentially bullish. However, another very low reading in the equity put-call ratio today continues to suggest that the current trading range will resolve to the downside.
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