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Technical Analysis: Puts Keep Piling Up

Puts continue to pile up at a rate not seen since the September 2001 or October 2002 bottoms. However, the most important element, a turn in price, has yet to occur. The Nasdaq (first chart below) faces resistance at 1930 and 1945, and support is 1897 and 1878. The S&P (second chart) faces tough resistance at 1103-1107, and support is 1087-1091 and 1075-1080. The Dow (third chart) faces resistance at 10,048 and 10,075-10,108, and support is 9975, 9932, 9900, 9852 and 9822.