Stocks declined significantly today with investors dumping shares heavily. Market breadth was horrid and some support levels were breached. We are lowering the support levels on the S&P 500 (SPY) and Nasdaq Composite (QQQQ) (see below). The resistance levels on the S&P 500 (lowering one point) and Nasdaq Composite are basically the same (see below). For the DJIA (DIA) we are raising its support level but lowering its resistance level (see below). The market is continuing to work off its overbought and complacent position. The prudent approach remains not opening new positions in stocks, protect profits, and keep losses small. If you need to own stocks, please see our open watch list below.
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