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Technical Analysis: A Little Fear Shows Up

We got a little bit of fear this morning in the CBOE equity put-call ratio, but this pullback had none of the fear of the Aug. 5, Aug. 26, Sept. 10 or Sept. 30 bottoms, so we remain skeptical of the market's ability to rally significantly from here. The VIX (first chart below), the options volatility index, is now at a level not seen since mid-1998 and has shown no fear at all. The Nasdaq (second chart below) closed right at 1940 resistance. 1967-1970 and 1980 are next, and support is 1915-1920 and 1890-1905. The S&P (third chart) has resistance at 1050-1054 and 1070, and support is 1035-1040, 1030 and 1025. The Dow (fourth chart) has resistance at 9850 and support at 9700.