The indexes had one of the most volatile sessions in recent memory yesterday. The day began with a plunge that broke important support levels but, within an hour or two of the open, much of the damage had begun to be repaired. By day’s end, after several tests to the flat line, the indexes closed [...]
Friday’s session left support and resistance levels more or less unchanged for the indexes, even with the big move in the Nasdaq 100 after Google’s strong earnings results. Part of reason is that I had left levels wider apart than usual. During earnings season it is quite common for larger-than-normal index moves to be made [...]
The indexes powered through to yet another spectacular gain on Friday, getting the month off to a positive start. All of the indexes are very close now to the peak of June where the first hints of downside began. Each index also managed to edge resistance, meaning that upside levels have at least changed. Given [...]
The indexes took a brutal drubbing Friday on what was quite heavy volume for the last two weeks. In each case previous support from Friday becomes resistance for today. (No major economic reports are scheduled for today.) Support has shifted to the 200-day moving average. That moving average is either coincident with or very close [...]
The Nasdaq 100 and the S&P 500 managed to break above resistance in yesterday’s trading. The Russell 2000 outperformed on a daily basis but still fell short of a breakout, so its levels will remain unchanged except for updates of the moving averages. The action for the most part was relatively tame, as both Friday [...]
The Nasdaq 100 and the Russell 2000 broke support yesterday as the major indexes fell back from recent highs. The RUT has seen previous support become resistance and gets a fresh support level at its 50-day moving average. The NDX’s break was not that large, so I am not changing its resistance level. The S&P [...]
Despite the considerable drop in Google, the markets rebounded Friday to finish moderately positive on the session. The one exception was the Nasdaq 100, which ended down just fractionally on the day. None of indexes moved enough to break resistance or support. Other than changing the moving average values where necessary, support and resistance are [...]
The major indexes moved closer to resistance Friday, but none broke through. The Russell 2000 was the technical outperformer as it continued to climb back toward its year-to-date highs. There are no major changes to the index values other than adjustments to moving averages. Nasdaq 100 (NDX) First support is at 2260.21, its 10-day moving [...]
Markets rebounded yesterday after hitting a deeply oversold condition on a short-term basis. Encouraging news from FedEx on earnings and outlook and from a few economic reports also lifted bullish spirits. But the moves were not large enough to make up for the losses of previous sessions, and they may have had much to do [...]
The markets saw an unsuccessful rally attempt after opening lower yesterday. Lows were made close to midday but gradually gave way to buying, bringing the indexes closer to the upper-end of the session’s range. Volume was on the weaker side, as it was on Friday. In technology, Apple’s gains helped limit the Nasdaq 100′s losses. [...]
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