Not the best performance by the market today, but it’s a start. The Nasdaq (first chart below) completed a bullish “morning star” pattern the last three days, but there wasn’t much volume or conviction behind today’s rally, and the equity put-call ratio is already nearing complacent levels. The Fed is likely to give the market everything it wants tomorrow – steady rates and policy for the foreseeable future – so if the market wants to rally, it will likely have a good reason to at 2:15 p.m. tomorrow. The Nasdaq has support at 1873, 1865 and 1842, and resistance is 1890-1905 and 1912-1920. The S&P (second chart) was stopped at 1035-1040 resistance. If it can clear that, it could retest the 1054 high. 1015-1018 is major support. The Dow (third chart) has resistance at 9700, and 9550-9585 and 9500 are support.
