Technical Analysis: S&P Joins The Party
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The S&P (first chart below) joined the Nasdaq and Dow in a higher high today, by all of a point, but volume declined on the breakout, and the equity put-call ratio is getting a little frothy at .46. A pause that refreshes would help the bull cause here. Resistance on the S&P is 1134, 1140 and 1145, and support is 1120, 1110-1115 and 1102-1105. The Nasdaq (second chart) closed right at its main downtrend line today. Resistance is 2015-2020 and 2030, and support is 1991, 1985, 1980 and 1970. The Dow (third chart) has resistance at 10,420-10,430, 10,471 and 10,530, and support is 10,329, 10,290-10,300, 10,250, 10,180, and 10,100.