Technical Analysis: Stocks Hold Up
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The market has looked shaky the last couple of days, but much to the bulls' credit, it's still standing, with new highs in all indexes today. The Nasdaq (first chart below) closed just above 1967 resistance; above 1970, it could see 2000. Support is 1960, 1940 and 1915-1920. The S&P (second chart) has major resistance at 1070, and 1054, 1050 and 1035-1040 are support. The Dow (third chart) has a big rising resistance line just above 9900, and support is 9830-9850, 9750 and 9700. For another look at the Dow, look at the DIA tracking stock (fourth chart): that looks like a bearish gravestone doji star today. The blue chips look the weakest here. Finally, the equity put-call ratio is getting near the .45 danger zone again. New highs-new lows remain strong (perhaps too strong - zero new lows on the NYSE), but once again, we haven't seen 80% upside volume on either exchange in this rally.