The S&P and the Nasdaq (first four charts below) continue to consolidate below the major levels of 957 and 1600, a break above which would be bullish if the indexes can hold on. 950 on the S&P and 1550 on the Nasdaq are the first resistance levels. 938, 930 and 920 are support on the S&P, and 1529 and 1521 are critical levels on the Nasdaq. The Dow (fifth chart) has resistance at 8750, and support at 8647, 8600, 8522-8530 and 8450. IBM (sixth chart) became the first 52-week high in the Dow since Eastman Kodak and 3M broke down. Sitting right at a major gap down from April 2002, Big Blue has a ton of resistance between 90 and 97. A big test for the bulls. The equity put-call ratio still has yet to register a bearish sub-.45 reading, but a .55 reading today on a down day suggests the possibility for more downside. The ratio has been quick to spike on pullbacks, so it will likely continue to be provide clues for the duration of any pullback.
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