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Important Stock Market Levels Going Into Earnings Season

October 4, 2010

Once again there are no changes to levels as traders remained ambivalent about pushing the tape higher or lower.

That situation could change this week on economic news, fundamental news, or a combination of both. Until we get some of the most heavily weighted names reporting earnings results, the indexes may continue to drift for some time.

Any pre-announcements or unexpected shocks could well change the status quo. And perhaps it is exactly that which will be necessary to get the tape back in gear directionally.

Nasdaq 100 (NDX)

First support is at 1979.74. First resistance is at 2003.59.

For the Nasdaq 100 Index Tracking Stock (QQQQ) first support is at $48.59. First resistance is at $49.32.

S&P 500 (SPX)

First support is at 1131.23. First resistance is at 1156.39.

For the Standard & Poor’s Depository Receipts (SPY) first support is at $113.20. First resistance is at $115.89.

Russell 2000 (RUT)

First support is at 666.01, the 10-day moving average. First resistance is at 689.89.

For the iShares Trust Russell 2000 Index Fund (IWM) first support is at $66.60. First resistance is at $69.06.

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