The Dow (first chart) and S&P (second chart) are closing in on potential support levels at 8450 and 878. Below that, the Dow could find support at 8338, the .382 retrace off the October lows. The S&P’s .382 retrace level is 883, which also lines up nicely with the index’s 50-day moving average. To the upside, 8600 and 900 are resistance. The Nasdaq (third chart) has support at 1361, 1330 and 1320, and resistance is 1390. The Nasdaq 100 (fourth chart) has support at 1000, and below that level puts begin to outnumber calls, which could serve to reinforce that support level. 972 is next support below that. Resistance is 1030 and 1050. The equity-only put-call ratio wasn’t much help today, with too much call activity, but it did close somewhat more neutral at .74. With stochastics oversold on all indexes, a bounce might not be too far off.
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