Technical Analysis: Puts Pile Up
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The charts may not be pretty, but fear among options traders is at levels last seen in April and October near significant bottoms. Let's hope history repeats. The Dow (first chart below) found support at its April uptrend line today a big level for the bulls. Support on the Dow is 10,349-10,351 and 10,332, and resistance is 10,440 and 10,500-10,520. The Nasdaq (second chart) broke the major support level of 2100-2106 before turning up. Support is 2100-2106, 2093 and 2078, and resistance is 2130, 2140 and 2150. The S&P (third chart) has important support at 1199-1201, and resistance is 1220, 1222, 1225 and 1227.