The market opened today's session with broad losses and investors were dumping shares. However, shortly after the open stocks regained their footing and recovered most of the losses by the close. The market avoided a material selloff today. Market breadth was ok. We are raising the support levels but keeping the resistance levels the same on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) (see below). The activity in Egypt seems to be heating up again so anything can happen going forward. Volatility remains lows and investor complacency (VIX) high. The prudent approach remains not opening new positions in stocks, protect profits, and keep losses small based on the stock market direction. If you need to own stocks, please see our open watch list below. We have one stock we are considering adding to our 'Stock of the Day' List. Stay tuned in case we decide to add it intra-day in tomorrow's session.
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