A nice recovery today, but breadth was negative on an up day for the market, which suggests that the rally has become selective. A pause to regroup would be a plus here. Options players remain surprisingly skeptical here, which continues to prop up the market. The Nasdaq (first chart below) has support at 2012, 2008 and 1998-2000, and resistance is 2040, 2060 and 2079. The S&P (second chart) has support at 1133 and 1130, and resistance is 1147-1150 and 1157-1163. The Dow (third chart) cleared its final downtrend line today. Support is 10,400 and 10,340-10,350, and resistance is 10,500-10,570. As a note, the market will be closed Friday in honor of former President Reagan, and the PPI will be released at 3 p.m. Thursday.
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