Technical Analysis: Put Buyers Show Up

As soon as we think the market is getting complacent, put buyers show up again. We doubt the one-day pullback did all that much to refresh weeks of complacency, but the trend may be up into earnings reports on Wednesday. The S&P (first two charts below) its trying to recover the uptrend line it broke down out of on Friday. Resistance is 1130-1132, and support is 1120.90. The Nasdaq (charts three and four) has resistance at 2113.33, 2125 and 2141-2163, and support is 2100 and 2077-2080. The Dow (charts five and six) has important support at 10,450, and resistance is 10,530-10,550, 10,589-10,592, and 10,670.

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