Thursday, September 22, 2011 Stock Market Performance
|Includes:AAPL, BIDU, EDU, GLD, NTES, QQQ, SLV, SLW, SPDR S&P 500 Trust ETF (SPY), TLT, USO, UUP, XLE, XLP, XLU
- Stocks declined heavy again with major indexes down at least 3.2% each today.
- SP 500 $SPX $SPY support/resistance moved down from 1,165 to 1,128 and 1,173 to 1,150.
- Nasdaq Composite $COMPX $QQQ support moved lower from 2,531 to 2,381 and resistance moved lower from 2,549 to 2,468.
- SP 500 and Nasdaq Composite are now both below their moving averages (21, 50, 200).
- SP 500 intra-day traded below its August closing low of 1,119 but closed above it.
- Nasdaq Composite is holding up better and did not test its August lows.
- Nasdaq Composite $COMPX $QQQ has an open gap down up to 2,537.
- All sectors declined on heavy volume except for energy $XLE which declined on moderate above average volume.
- There were no safe havens from a sector perspective as even utilities $XLU and consumer staples $XLP (the defensive sectors) sold off.
- US Dollar ETF $UUP was higher again on heavy volume as well as bonds $TLT. These were the only securities that saw buying today.
- Silver $SLV and oil $USO declined 9.4% and 5.4% on heavy volume.
- Gold $GLD lost 2.6% on moderately heavier volume.
- $BIDU was down 11% on heavy volume as well as $NTES and $APPL down 7.3% and 2.5%, respectively.
- All other stocks I follow fell on moderately heavier volume led by $SLW and $EDU down 12.8% and 7.4%.
- Many stocks I follow created gap downs so over time yesterday's closing lows in these stocks will be levels they will need to fill.
- Based on stocks I follow the stock market direction is bearish and has been active 1 trading session after being neutral for 1 session.
- The stock market direction has been bearish in two out of the last three trading sessions with the odd session being neutral.