BTDStocks.com Tuesday, January 11, 2011 End-Of-Day Update
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The market began today's session higher and was able to hold on to most of its gains even as some afternoon selling kicked in. Breadth was decent in the market but some technical indicators are showing some cautions signals. For instance the number of stocks above key support levels is much smaller now than back in the fall. However, the market overall is much higher now than in the fall. So even as the market has continued its advance many stocks have not kept up with the overall market. In addition, the complacency levels remains extremely high with no sign of fear from investors. But keeping with the trend we are raising the support levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) (see below). In addition, we are raising the resistance level on the Nasdaq Composite but leaving it the same for the DJIA and S&P 500 (see below). Overall, we still feel selling into strength is right thing to do based on the current stock market direction and wait for lower prices to open new positions in stocks. If you need to own stocks, please see our watch list.
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No positions in securities mentioned.
To read full article, please visit: www.btdstocks.com/
No positions in securities mentioned.
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