Wednesday, September 21, 2011 Stock Market Performance
|Includes: EDU, LULU, QQQ, SPDR S&P 500 Trust ETF (SPY), TLT, UUP, XLB, XLI, XLK, XLU, XLY
- Stock sold off hard with major indexes down at least 2% each.
- SP 500 $SPX $SPY support/resistance moved down from 1,199 to 1,165 and 1,204 to 1,173.
- Nasdaq Composite $COMPX $QQQ support moved lower from 2,580 to 2,531 (21 day moving average)-resistance moved lower from 2,598 to 2,549.
- SP 500 is once again below its moving averages (21, 50, 200).
- Nasdaq Composite above 21 but below 50 and 200 day moving averages.
- Risky sector materials $XLB was down 4.5% on heavy volume.
- Risky sectors industrials $XLI , consumer discretionary $XLY, and technology $XLK fell on moderately higher volume.
- Defensive sector utilities $XLU was down as well on moderately heavier volume indicating the selling was broad based.
- US Dollar $UUP was higher on heavy volume and Bonds $TLT were up 3.3% on moderately heavier volume.
- $EDU was down 9.3% on moderately heavier volume while $LULU was down 3.6% on moderately heavier volume.
- Based on stocks I follow the stock market direction is neutral and has been active 1 trading session after being bearish for 1 session.