Technical Analysis: Selling Picks Up
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Selling pressure appears to be picking up, with new lows continuing to creep up, but the good news is that sentiment is improving, with a .78 reading on the equity put-call ratio today. Another down day might be enough to get the market into oversold territory, and then it's up to Applied Materials on Wednesday and Dell on Thursday. The Nasdaq (first chart below) closed right above 1938-1940 support. Below that, 1915-1920 is next support, and 1950 and 1967-1970 are resistance. The S&P (second chart) has support at 1045, 1040 and 1037, and resistance is 1051-1054 and 1057-1062. The Dow (third chart) has resistance at 9800-9810 and 9900-9950, and support is 9736 and 9680-9700.