Technical Analysis: Another Gap Fades
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Another gap up failed to hold today. The market is likely headed for another gap up tomorrow; will it hold this time? We suspect it will, since good news from perennial underperformer Intel is about as good as it gets. The Nasdaq (first chart below) faces resistance at 1772-1776 and 1800, and 1734-1742 is support. The Dow and S&P (second and third charts) face much more established resistance. Resistance on the S&P is 1010 and 1015, and 995 is critical support. The Dow faces resistance at 9238-9278 and 9352, and support is 9125 and 9091. At .40, the equity put-call ratio is now in danger territory, but at least it's expiry week.