Today the DJIA (DIA) gained 0.6% versus its 1.4% loss on Friday, the S&P 500 (SPY) gained 0.8% versus its 1.8% loss on Friday, and the Nasdaq Composite (QQQQ) gained only 0.5% versus its 2.5% loss on Friday. The gains today did not recoup half of the losses on Friday and the buying pressure today was less than the selling pressure on Friday. The majority of today's rally was tied to the energy sector. Staying with the trend we raising the support levels on the DJIA and S&P 500 but leaving it the same on the Nasdaq Composite (see below). We are keeping the resistance level on the DJIA, S&P 500, and Nasdaq Composite the same (see below). Overall, 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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