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Stock Market Technical Analysis for 12/10/2010

December 10, 2010

Given the very tight trading range yesterday, index levels did not change a notch other than in Nasdaq 100 support.

Markets traded on either side of unchanged before ending the day up slightly. The Russell 2000 continued its relative outperformance. The S&P 500 bested the Nasdaq 100 in a rare showing, thanks to strength in the banking sector.

In proper perspective the moves were so small that they were nearly insignificant. The action in the underlying stocks themselves was far more exciting.

The failure of the markets to build on that rather wild stock movement is because the wild swings have effectively been canceling one another out. That is leaving the markets in sideways mode or trading so tightly that they appear to be hardly moving at all.

Trading volumes remain light, which is exacerbating issue and allowing the futures to exercise more control over the tape.

Nasdaq 100 (NDX)

First support is at 2173.64, the 10-day moving average. First resistance is at 2215.28.

For the Nasdaq 100 Index Tracking Stock (QQQQ) first support is at $53.45. First resistance is at $54.04.

S&P 500 (SPX)

First support is at 1207.43. First resistance is at 1235.05.

For the Standard & Poor’s Depository Receipts (SPY) first support is at $121.05. First resistance is at $124.01.

Russell 2000 (RUT)

First support is at 745.95. First resistance is at 770.51.

For the iShares Trust Russell 2000 Index Fund (IWM) first support is at $74.66. First resistance is at $77.21.

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