Technical Analysis: Dow Bounces At Support

The Dow (first chart below) found support at a nice rising trendline this morning. That line can be found at roughly 8475 for tomorrow. Resistance is 8650 and 8750-8800. The S&P (second chart) faces strong resistance at 915 and 925, and has strong support at 880-885. The Nasdaq (third chart) has support at 1361-1367 and 1320, and resistance is 1400 and 1426. The Nasdaq 100 (fourth chart) has support at 1014 and 1000, and resistance is 1050. One negative today is that the VIX (fifth chart), the options volatility index, fell hard, showing some complacency, but the equity-only put-call ratio held up well at .70, showing some skepticism there.

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