Technical Analysis: A Mixed Picture

Sentiment is still mixed, but it’s more positive than it was on Friday, thanks to a big spike in the VIX (first chart below, the options volatility index) today. However, the equity put-call ratio at .65 is lower
than the .80 or higher level we’d like to see. The chart picture is also mixed here. The Nasdaq (second chart) held onto support today, a positive. Below 1890-1895, 1865 and 1842 are support, and resistance is 1915-1923 and 1930. The S&P (second chart) barely hung onto 1040-1043 support, bouncing at the 50-day moving average at 1035. Resistance is 1046, 1050, 1064 and 1068-1070. The Dow (third chart) broke support today. Next supports are 9650 and 9600, and 9765, the broken trendline, is now resistance. (Note: We’ve added yet another indicator, a fast stochastics for short-term swings.)

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