Indexes Successfully Test Support Levels Why caution is still warranted, though. They passed the test. All the major equity indices closed at or near their intraday highs Monday with successful tests of their support levels. The charts remain generally positive. However, the psychology data continues to suggest too much bullish sentiment exists while valuation remains extended with their combined signals suggesting caution is warranted. On the Charts Source: Worden The only index posting a gain Monday was the DJIA (see above) as the rest posted losses. However, the early morning selloff proved to be the lows of the day as buyers came in to push all the indices higher to close at or near their intraday highs.