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Provides daily commentary and analysis on the direction of the stock market each trading day.
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  • BTDStocks.com Tuesday, October 26, 2010 End-Of-Day Update 0 comments
    Oct 26, 2010 9:41 PM | about stocks: DIA, SPY, QQQ, VIXX

    Stocks got off to a rough start today but by the end of the session the indexes recovered the losses and finished relatively flat near the resistance levels we identified last night.  The DJIA (NYSEARCA:DIA) managed to close slightly above 11,167 so we are raising its resistance level to the next level (see below).  The Volatility Index (VIX) continues to point to an increase in volatility which is consistent with the back and forth action over the last two trading sessions.  With the stock market direction uptrend extended beyond many buy points and showing signs of being tired the prudent approach continues to be not to open new positions, take profits, and limit losses.

    A few key things we are watching are:

    S&P 500 (NYSEARCA:SPY) finding resistance at weekly 200-day moving average of 1,194.

    Market is extremely overbought.  Slow Stochastic on Nasdaq Composite (QQQQ) is 99.

    SUMMARY

    DJIA: Up 0.1% to 11,169

    S&P 500: Flat to 1,186

    Nasdaq Composite: Up 0.3% to 2,497

    BREADTH FOR NYSE

    Advancing Issues: 1,394

    Declining Issues: 1,638

    Advance/Decline Ratio: .9 to 1

    New Highs: 121

    New Lows: 11

    High/Low Ratio: 11 to 1

    SUPPORT/RESISTANCE LEVELS

    DJIA: 11,133/11,204

    S&P 500: 1,166/1,186

    Nasdaq Composite: 2,437/2,499

    SECTOR ANALYSIS

    Consumer discretionary was the best performing sector up 0.4%% while consumer staples and materials were the worst performing sectors down 0.6% each.

    Other Sectors:

    Energy up 0.2%

    Financials up 0.1%

    Healthcare down 0.3%

    Industrials down 0.5%

    Technology up 0.3%

    Utilities down 0.3%

    www.btdstocks.com



    Disclosure: No positions
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