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Shread TA: A Start, acOct27
By Paul Shread


Not the best performance by the market today, but it's a start.

The Nasdaq (first chart below) completed a bullish "morning star" pattern the last three days, but there wasn't much volume or conviction behind today's rally, and the equity put-call ratio is already nearing complacent levels.
http://www.cboe.com/MktData/default.asp

The Fed is likely to give the market everything it wants tomorrow - steady rates and policy for the foreseeable future - so if the market wants to rally, it will likely have a good reason to at 2:15 p.m. tomorrow.

The Nasdaq has support at 1873, 1865 and 1842, and resistance is 1890-1905 and 1912-1920. The S&P (second chart) was stopped at 1035-1040 resistance. If it can clear that, it could retest the 1054 high. 1015-1018 is major support. The Dow (third chart) has resistance at 9700, and 9585 and 9500 are support.

http://stocks.internetnews.com/article.php/3099531