Technical Analysis: Bulls Try Again

Today’s internals and gains were unimpressive, and sellers seemed to be waiting en masse at the highs of the day, but it’s a start. Now let’s see if the bulls can build on it. At least the put-call ratio continues to show skepticism; at some point, that should be worth a good bounce. The Nasdaq (first chart below) has been stymied at 1897-1903 resistance. 1920 and 1947 are big resistance levels above that, and support is 1878, 1865 and 1842. The S&P (second chart) faces resistance at 1093-1094, 1100, 1103 and 1107, and support is 1075-1082. The Dow (third chart) faces resistance at 10,000, 10,030-10,048 and 10,075, and support is 9900, 9852 and 9822.

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