RealTime IT News

Technical Analysis: Still Waiting

The Dow (first chart below) is holding its old March uptrend line, a positive for the blue chips. Rising at about 12-13 points a day, that support should be at 9376-9377 tomorrow, and 9352-9361 is also important support. First resistance is 9470. The S&P and Nasdaq (second and third charts) now must follow the Dow by taking out 1015 and 1776. 1004.6 is first resistance on the S&P, and support is 990-995. 1740 is support on the Nasdaq. A second straight sub-.50 reading on the CBOE equity put-call ratio today, but still above the .45 danger mark, and the resilience of the Dow in holding its breakout and the dip buyers in tech are positives.