Technical Analysis: Selling Picks Up
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The NYSE internals say it all today. It may not have been a washout, but it sure looks extreme. The futures sold off right into the 4:15 close today, closing on the lows of the day. When that happened last Friday, we got a three day bounce out of it. Let's hope we get at least that much this time. We also had another high equity put-call ratio today. While not as high as yesterday's reading, it adds fuel for an eventual bounce. So where do we go from here? The Nasdaq (first chart below) could be headed for a retest of the March lows at 1897-1900; if those can't hold, the eventual target could be 1822. Resistance is 1940 and 1950. The S&P (second chart) had its March lows at 1087-1091, and 1075-1077 is support below that. Resistance is 1100, 1106-1107 and 1110-1115. The Dow (third chart) faces resistance at 10,217-10,219, 10,250 and 10,308-10,333, and support is 10,108, 10,000-10,040 and 9850.