The indexes are stalling at some pretty key resistance levels here, not the least of which are the old necklines of head and shoulders tops on the Dow and S&P at 8250-8300 and 875-880 (see first two charts below). If the indexes can overtake those levels, the 200-day moving averages at 8370 and 885 are next, and above those the recent highs at 8522 and 895-900. 8100 and 862 are support. The Nasdaq (third chart) is struggling at the recent 1425 high; if it can clear that, 1460 could be next. 1368-1375 and 1360 are support. A gap down and lower close tomorrow would look like a pretty good reversal – and potential lower highs for the indexes. The unemployment report and the start of earnings season will compete with the latest war news for traders’ attention. The equity put-call ratio is showing a decent level of skepticism at the .70 level, but we already got a topping reading below .45 at the recent highs.
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