Technical Analysis: Nasdaq Closing In On Support

The Nasdaq (first chart below) is closing in on major support in the 1420-1426 area, and with a high equity-only put-call ratio today (.83 at the close), that might be a good place to look for a bounce. 1446 is first support, and 1475 is resistance. The Dow and S&P (charts 2-5) cut through a number of supports today. First support on the Dow is 8700, while the S&P has support at 912 and 900. Resistance is 925 and 930 on the S&P, and 8850-8900 on the Dow. The 8750 zone on the Dow has been an important level, and the index closed just under that mark today.

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