Technical Analysis: Too Many Puts

With too many puts and decent internals, there could be more upside to this rally, or at least not too much downside. The Nasdaq (see first chart below) has redrawn its uptrend line, making support 1495-1496 if 1500 can’t hold. Resistance is 1521 and 1530-1534. The Dow (second chart) took out 8522-8530 and 8550 resistance today. 8650, 8750 and 8800 are next, and 8480 is now critical support. The S&P (third chart) has support at 921-922, and 935-940 is resistance. The banks (fourth chart) look like the one bearish chart here; they need to turn up if this rally is to have legs.

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