Technical Analysis: Put Buyers Emerge

Today’s very high equity put-call reading is a good sign for the bulls. Other than that, the technical picture is mixed. The BKX (first chart below), the banking index, is holding above the very critical 850 level. The S&P 500 (second chart) remains mired in a long trading range. 987-990 is support, and 1010-1015 is resistance. The Dow (third chart) has crept back below 9352-9361, which is now first resistance, followed by 9400 and 9470-9500. Support is 9260 and 9190. The Nasdaq (third chart) has resistance at 1770-1776, and 1800 above that. Support is 1750 and 1730.

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