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Technical Analysis for 11/18/2010

November 18, 2010

Indexes fail to hold near resistance
November 18, 2010 Thu 6:05 AM CT

The indexes barely moved from their closing prices of Tuesday as the Great Flattening Effect was felt once again. Prices did move up close to resistance but, by the end of the day, failed to hold there. As a result, levels remain as they were yesterday morning.

It isn’t too surprising to see prices pause after the beating they took on Tuesday. The open question now is whether yesterday was a pause before another tumble or a brief respite before a U-turn back up.

Traders will have plenty of catalysts this morning as the news will include a number of earnings reports, two key economic releases, and a possible resolution to the Irish debt crisis.

Nasdaq 100 (NDX)

First support is at 2069.45. First resistance is at 2112.09.

For the Nasdaq 100 Index Tracking Stock (QQQQ) first support is at $50.79. First resistance is at $51.84.

S&P 500 (SPX)

First support is at 1171.17. First resistance is at 1183.56.

For the Standard & Poor’s Depository Receipts (SPY) first support is at $117.21. First resistance is at $118.45.

Russell 2000 (RUT)

First support is at 698.56. First resistance is at 709.71.

For the iShares Trust Russell 2000 Index Fund (IWM) first support is at $69.90. First resistance is at $71.12.

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