Technical Analysis: Dojis At Resistance

With doji stars and gravestone doji stars at major resistance areas, the market looks set for a pullback here. The S&P (first two charts) made a nice run at the major resistance area of 954-965. Support is 946-950, 935 and 925. The Dow (third chart) stalled under 8870 resistance and the major 8931.68 level. Support is 8742-8750 and then 8640-8650. The Nasdaq (fourth and fifth charts) has support at 1548-1550, 1530-1534, 1521 and 1515, and 1600 is major resistance. Rambus (sixth chart) had a nice breakout today, as we said might happen; now 17 must hold as support. The equity put-call ratio came in under .50 again today, another reason to refresh sentiment with a pullback here.

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