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  • Friday, May 20, 2011 End-of-Day Update  0 comments
    May 22, 2011 6:40 PM | about stocks: DIA, SPY

    The major indexes traded down today with declines in the 0.7%-0.8% range. Losses were around 1.0% at the low point and the DJIA (NYSEARCA:DIA), S&P 500 (NYSEARCA:SPY), and Nasdaq Composite (QQQQ) tried to comeback around the mid-session almost erasing their losses but selling late in the session kept stocks down. Market breadth was negative and the market traded actively enhanced due an options expiration session. Based on the stock market direction action today we are lowering the support and resistance levels on the DJIA, S&P 500, and Nasdaq Composite (see below). Right now the major indexes appear to be having trouble reclaiming their 21-day moving averages but remain above their 50-day moving averages. If the indices can retake their 21-day moving averages then the market might have further go on the upside. If they fall below their 50-day moving averages then stocks will probably see more selling. Anything in between could makes it a difficult market environment to make money in. Will all the choppy recent action investors remain relatively complacent with the major indexes trading flat since mid-February and many stocks having some significant declines over the same period.
    No positions in securities mentioned.

    Stocks: DIA, SPY
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