Technical Analysis: Still Selective

The rally continues to be very selective, with another day of poor internals. As long as that continues, any rally will be vulnerable. The Nasdaq (first chart below) faces resistance at 2059-2060, 2079, and 2088-2095, and support is 2043-2044 and 2033-2035. The S&P (second chart) faces tough resistance at 1142-1143, and 1150, 1157, and 1160-1163 are above that. Support is 1133-1135 and 1126. The Dow (third chart) has resistance at 10,500-10,510 and 10,570, and support is 10400-10,425 and 10,332. Another less than inspiring sign is today’s new low in the VIX (fourth chart), the options volatility index. That comes a little too soon, with the indexes well below their highs.

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