Technical Analysis: Put Buyers Appear Once Again
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Lots of put buying again today, a plus for the bullish case. On the other hand, the financials (first two charts below) look genuinely bearish and can't seem to get up off support. Which side will win? If the banks break support, the odds favor September living up to its reputation as the worst month of the year. On the positive side, a new closing high in the Nasdaq (third chart) bolsters the bullish case, although it's hard to make too much of it given the very light volume. Resistance is 1800 and 1812, and support is 1776, 1750 and 1730. The S&P 500 (fourth chart) has support at 987-990 and resistance at 1010-1015. The Dow (fifth chart) faces resistance at 9352-9361, followed by 9450 and 9470-9500. Support is 9270 and 9190.