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Technical Analysis: Complacency Reigns

Once again, the equity put-call ratio barely budged on a down day, a sign of complacency. Cisco's numbers may have been great, but the sentiment backdrop suggests that a rally here has some risk to it. The Nasdaq (first chart below) faces resistance at 1967-1971 and 2000, and support is 1950, 1938-1940 and 1915-1920. The S&P and Dow (second and third charts) could be forming bearish rising wedges off the late September lows. The S&P has major resistance at 1061-1070, and 1050 and 1035-1040 are support. The Dow (third chart) has resistance at 9900 and 9925-9950, and support is 9800, 9750-9778 and 9700.