Technical Analysis: Stuck In A Range
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The major indexes remain stuck in trading ranges (see charts below). Now that options expiry is no longer an immediate influence, we may get some clarity on market direction next week. The high put-call readings have been nothing short of extraordinary, but haven't resulted in a convincing turn up yet. The indexes are so far consolidating near the lows, which suggests the possibility of another leg down. The Nasdaq (first chart below) has resistance at 1915, 1930-1936 and 1949, and support is 1910, 1900, 1878, 1865 and 1842. The S&P (second chart) has support at 1090, 1082-1085 and 1075, and resistance at 1098-1100, 1103, 1107 and 1110. The Dow (third chart) has support at 9932, 9890-9900, 9852 and 9822, and resistance at 10,000-10,010, and 10,045-10,048 and 10,108.