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Stock Market Technical Analysis for 12/10/2010

December 10, 2010 Comments off

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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Technical Analysis for 11/18/2010

November 18, 2010 Comments off

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.

Options Trading

November 7, 2010 Comments off