Technical Analysis: Nasdaq Closes In On Resistance

The Nasdaq (first two charts below) is closing in on tough resistance in the 1900-1950 area. Support is 1860 and 1840. The S&P (third chart) is closing in on 1033 resistance, and 1051 is next. 1015-1018 and 1010 are important support. The Dow (charts four and five) are pushing through an important resistance zone; above 9610, 9700-9800 are next, and 9460-9500 is first support. The banks (sixth chart) have yet to decide whether they will break up or down. On the sentiment front, the equity put-call ratio is creeping into the .45 danger zone, and the VIX (seventh chart) is closing in on a level that has given the market trouble in recent years.

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