Technical Analysis: Sentiment Gets A Little Toppy

For the first time in some time, sentiment is looking a little toppy, with a very low reading today on the equity put-call ratio. With the market very extended (-DI, or selling pressure, is below 10 on all indexes; see charts below), a pullback is certainly overdue. The Nasdaq (first chart below) has resistance at 2100 and 2153, and support is 2079-2080, 2050-2055, 2040-2041 and 2032-2034. The S&P 500 (second chart) faces resistance at 1190-1200 and 1227-1244, and support is 1180, 1170-1177, and 1162-1163. The Dow (third chart) has resistance at 10,570, 10,670 and 10,753, and support is 10,520, 10,487-10,500 and 10,400.

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