Technical Analysis: Fear Picks Up
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There was some good fear for much of today, with a high equity put-call ratio for much of the day, but it didn't last until the close. Still, sentiment has improved in the last couple of days. Now if only the PC ratio would stay high all day, and the market close in oversold territory. We haven't seen that combo since late September, but we can dream, can't we? The Nasdaq (first chart below) held 1915-1920 (1923) support today. 1900 and 1890 are below that, and resistance levels are 1938-1940, 1950 and 1967-1970. The S&P (second chart) has support at 1043, and critical support at 1040. Resistance is 1048, 1051-1054 and 1057-1062. The Dow (third chart) has critical support at 9700, and resistance is 9800-9810, 9850 and 9900-9950.