Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Stock Market Direction For Wednesday, September 14, 2011

|Includes:QQQ, SMH, SOX, SPDR S&P 500 Trust ETF (SPY)

Stock market direction is neutral and has been active 3 trading sessions.

Comments: the major indexes finished higher at least 1.4% but off their highs for the session finishing mostly in the middle of the intra-day trading range.  The S&P 500 and Nasdaq Composite were unsuccessful at taking out some key support areas.  The levels are 1,199-1,204 on the S&P 500 and 2,580 on the Nasdaq Composite.  For the third session in a row Semiconductor stocks led but even they came of their session highs.  Both the support and resistance levels on the S&P 500 moved higher from 1,165 to 1,178 and 1,178 to 1,199, respectively.  The S&P 500 joined the Nasdaq Composite and now sits above its 21 day moving average.  Both indexes remain below their 50 and 200 day moving averages.  Based on the stocks I follow the market direction remains in neutral territory because volume levels did not confirm the price action.

Stocks: SPY, SMH, SOX, QQQ