Technical Analysis: Indexes Try Again
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Nothing like an options expiry Friday combined with an S&P rebalancing for a little high-volume volatility, but at least it ended in a reversal attempt with an extremely high put-call reading. We'll see if the bulls can build on that start next week. The Nasdaq (first chart below) broke its January low of 2008, bounced at 1993-2000 support, and managed to close back near 2008. A good start on a reversal, but now we need to see follow-through to the upside. 2023 and 2037 are resistance. The S&P (second chart) has support at 1182-1185 and 1175-1178, and resistance is 1195 and 1200-1210. The Dow (third chart) bounced near 10,500-10,550 support. Resistance is 10,675 and 10,750.