btdstocksblog's  Instablog

In contrast to yesterday’s session stocks were able to reverse early losses and gain anywhere from 0.7% to 1.0%. Market breadth was good and investor participation picked up as stocks finished near session highs. As a result, we are raising the resistance levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) (see below). In addition, we are raising the support levels for the DJIA and Nasdaq Composite (see below). We are keeping the support level on the S&P 500 the same at 1,310. The Nasdaq Composite was able to clear and close above its 50-day moving average. Now the DJIA, S&P 500, and Nasdaq Composite all sit above their respective 21-day, 50-day, and 200-day moving averages. The trend for now appears to be up and as we have been saying based on the stock market direction it is ok to slowly move back into new stock positions. Let's hope the rally we are seeing in late March is nothing more than window dressing by fund managers. One thing that still bothers us is the high level of complacency investors are showing. If you need to own stocks, please see our watch list below. In our watch list we added an additional position intra-day in Cameco Corp. (symbol: CCJ) at $29.05. We now have two positions in our watch list for CCJ.  

No positions in securities mentioned.