Technical Analysis: Pullback

With last week’s internals eroding, stocks were due for a breather. The good news is that put trading was quick to jump today, a hopeful sign for the bulls that a pullback can be contained. The Nasdaq (first chart below) faces resistance at 2152, 2160, 2164 and 2192, and support is 2140-2144, 2135, 2128, 2113-2116 and 2100-2106. The S&P (second chart) faces resistance at 1224-1225, 1229 and 1233, and support is 1220 and 1216-1217. The Dow (third chart) ended the day right on support; below 10,560, 10,500 and 10,465 are the next support levels. Resistance is 10,650-10,673.

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