Stocks finished higher today with the major indexes closing near session highs. In addition, the DJIA posted another new high. Investor participation was ok and market breadth was good. As a result, we are raising the support levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) (see below). Also, we are increasing the resistance level for the DJIA but leaving it the same for the S&P 500 and Nasdaq Composite (see below). Overall, we continue to believe the prudent approach is continue selling into strength and avoid becoming aggressive with opening new positions in stocks based on how far the stock market direction has run without a significant pullback. Don't let a position turn into a big loss if the market trend suddenly changes. If you need to own stocks, please see our open watch list below.
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