Technical Analysis: Just A Pullback So Far
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It's hard to get too worked up about today's pullback just yet; for once, it came on declining volume, after yesterday's high-volume breakout in the Dow and S&P (first two charts below). However, sentiment, as measured by the very low equity put-call ratio, is a little too complacent. The one big weakness remains the Nasdaq (third chart below), which can't even clear its 20-day moving average. Resistance is 2090, and support is 2063-2065, 2050-2053, and 2040-2044. The S&P continues to struggle at the major resistance level of 1160, the 50% retrace of the all-time high, and 1173-1177, the 2002 peak, is just above that. Support is 1150, 1145 and 1142. The Dow faces resistance at 10,750 and 10,800, and support is 10,673, 10,650, 10,600 and 10,572.