Technical Analysis: Another Day of Indecision

Another day of indecision, with the second straight doji star on the Nasdaq (first chart below), as the market digested this week’s big gains and treaded water ahead of the holiday weekend. Given the strength of the recent buying, it’s likely no more than a pause that refreshes. The put-call ratio continues to show skepticism, a good sign for the bulls. The Nasdaq faces resistance at 1990-1993, 2000 and 2040, and support is 1969-1973, 1959 and 1950. The S&P (second chart) has support at 1117 and 1113, and resistance is 1125-1126, 1129 and 1135. The Dow (third chart) faces major resistance at 10,210-10,250, and 10,150 is support.

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