After the longest period without a 5% decline in the market since 1966-1967, is volatility ready to make a comeback? Maybe, but with only a couple of weeks until positive seasonality takes over again, it may not last very long. The equity put-call ratio is showing complacency and thus suggests that the correction may not be over. The Nasdaq (first chart below) put in a high-volume reversal yesterday, another suggestion of a rocky period ahead. 1972 is first resistance, and 1992-2000 is above that. 1942, 1930, and 1915-1920 are support. The S&P (second chart) has resistance at 1070 and 1083-1093, and support at 1058-1060, 1050-1054, and 1040-1043. The Dow (third chart) is the strongest of the major indexes. 10,008 is major resistance, and 9900, 9850, 9780-9800 and 9700 are support.
