Stocks rose in today's with gains ranging between 0.1% to 0.6% for the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ). Investor participation was slower in today's session and market breadth was generally good. The Nasdaq Composite traded the majority of the session lower but a late buying surge allowed the index to rise mildly. Keeping with the trend we are raising the resistance levels on the DJIA, S&P 500, and Nasdaq Composite based on the current stock market direction (see below). The support levels are the same for the DJIA, S&P 500, and Nasdaq Composite (see below). By now it is becoming more difficult to find stocks trading at reasonable levels based on price action. This makes the market vulnerable for a pullback coupled with the fact volatility is extremely low and investor complacency extremely high. If you are not already heavily invested in stocks then the prudent approach right now is not get aggressive with buying stocks. As we mentioned in our blog post a few days ago there are gaps in the S&P 500 and Nasdaq Composite at the 1,313 and 2,745, respectively that might get filled if the stock market goes into correction mode. If you need to own stocks, please see our watch list below. In our watch list today we added a position in the ProShares Ultra Short Oil & Gas Fund (symbol: DUG) at the current intra-day price of $26.80.
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