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Technical Analysis: More Fear, Please | | Published by: anonym 2008-08-29 |
| The good news is that the market is no more than a day or two down from reaching short-term oversold levels. The bad news is that sentiment is looking pretty complacent so far. The equity put-call ratio, for example, needs to be much higher than .68, at least around .80. 1960 and 1970 are resistance on the Nasdaq (first chart below), and 1930, 1915-1920, 1900 and 1880 are support. The S&P (second chart) has resistance at 1070 and 1083-1093, and support at 1058-1060, 1050-1053, and 1040-1043. The Dow (third chart) has resistance at 9900-9925 and 10,008, and 9850, 9776-9800 and 9700 are support.
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