February 24, 2011 – 9:37 am
The Nasdaq 100 and the Russell 2000 tested their 50-day moving averages yesterday. That move was quickly bought, preventing the indexes from breaking below them on a closing basis, but rally attempts were weak for the most part. The indexes finished in the lower half of the intra-day range as the Russell suffered the greatest [...]
February 18, 2011 – 9:31 am
The indexes meandered for most of yesterday’s session, never straying far from unchanged. The exception to the relative inertia was the Russell 2000, which outperformed and broke above resistance, so it gets fresh levels. There are no economic releases today and few catalysts in the form of earnings news heading into the long weekend. Federal [...]
January 31, 2011 – 9:20 am
Friday’s sell-off sent the indexes sharply down through support. Spurred by growing tensions in the Middle East and some poor earnings reports, traders closed out their long positions in haste. Resistance is now previous support, and there are levels for each index. Despite the fall, however, the indexes didn’t crack technically. The Russell 2000 did [...]
January 18, 2011 – 9:34 am
On Friday the Russell 2000 edged just above resistance, while the Nasdaq 100 and the S&P 500 pushed higher toward their upside levels. In light of the surprise announcement yesterday concerning Apple CEO Steve Jobs’ medical leave, all bets are off as to how markets will react today. As a result, I am leaving levels [...]
January 13, 2011 – 9:34 am
The Russell 2000 and the S&P 500 both managed to edge resistance, with the S&P outperforming on the back of a very strong financial sector. The Russell and the S&P both get new resistance levels as as a result of the move higher. The Nasdaq 100 approached resistance but was unable to break out. In [...]
December 13, 2010 – 9:27 am
The S&P 500 and the Nasdaq 100 both made marginal new highs at the close on Friday. The Russell 2000 continues its outperformance, pushing strongly above resistance. With a string of up days behind us, the issue now is whether these gains will hold or fade on profit-taking. With few catalysts scheduled between now and [...]
November 4, 2010 – 8:21 am
The economic calendar is active today, with Chain Store Sales and Jobless Claims likely to dominate. Chain Store Sales, also known as same-store sales, have no fixed timetable for their release. Each company will release results independently, starting very early in the pre-market. The Retail SPDR exchange-traded fund will likely be active, along with the [...]
November 2, 2010 – 8:30 am
Once again trading was marked by the familiar push-me, pull-you market action of late. A strong move to the upside early in the day reversed completely, headed relatively deep into negative territory, and then turned to end nearly unchanged. As a result, levels did not change other than the refresh of the S&P 500′s support [...]
September 27, 2010 – 8:31 am
The indexes broke free of resistance on Friday right out of the gate. It looked like a classic short-squeeze that saw prices shoot straight up at the start and then move sideways at the highs all day. Resistance levels in the Nasdaq 100 and S&P 500 both breached to new recent highs, while the Russell [...]
September 9, 2010 – 8:32 am
The markets yesterday recovered most of their losses from Tuesday’s session. As a result, we are right back to where we came in Tuesday morning as far as levels are concerned. What is particularly striking about the tightness of the index ranges is their contrast to the trading in individual names. Some stocks saw extreme [...]
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