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  • Tuesday, November 16, 2010 End-Of-Day Update 0 comments
    Nov 16, 2010 9:26 PM | about stocks: DIA, SPY, QQQ, VIXM
    Stocks continued their downward spiral today as the major indexes closed below their 21-day moving averages. Unless the market stabilizes soon it looks like the next test will be the 50-day moving averages. The internals deteriorated more and the number of stocks making a new low expanded from 40 to 129. Volatility picked up significantly as the Volatility Index (VIX) rose 12% as investor nervousness continued to grow. As a result, we are lowering the support/resistance levels on the DJIA (NYSEARCA:DIA), S&P 500 (NYSEARCA:SPY), and Nasdaq Composite (QQQQ) (see below). The recent support levels on the DJIA and S&P 500 are now resistance and the resistance level on the Nasdaq Composite is even lower moving from 2,505 to 2,481. The stock market direction is clearly challenged right now. The prudent approach is to be mostly in cash until the market can establish a new base that is safer to buy stocks.  


    DJIA: Down 1.6% to 11,024

    S&P 500: Down 1.6% to 1,178

    Nasdaq Composite: Down 1.8% to 2,470


    Advancing Issues: 424

    Declining Issues: 2,666

    Advance/Decline Ratio: .2 to 1

    New Highs: 18

    New Lows: 129

    High/Low Ratio: .1 to 1


    DJIA: 10.979/11,144

    S&P 500: 1,166/1,185

    Nasdaq Composite: 2,437/2,481


    Consumer Staples was the best performing sector down 1.1% while Materials was the worst performing sector down 2.2%.

    Other Sectors:

    Consumer Discretionary Down 1.4%

    Energy Down 1.9%

    Financials Down 1.7%

    Health Care Down 1.5%

    Industrials Down 1.6%

    Technology Down 1.8%

    Utilities Down 1.2%

    Disclosure: No positions
    Stocks: DIA, SPY, QQQ, VIXM
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