The market declined significantly today with investors selling shares heavily. Market breadth was clearly negative. As a result, we are lowering the support/resistance levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) (see below). The DJIA and S&P 500 are now below the 12,000 and 1,300 mental levels, respectively. The S&P 500 did close at its support level of 1,295.

The market bounced back today after weakness early in the trading session. By the close stocks finished off their highs for the session. Participation did not indicate investors were buying stocks. Market breadth was good though. Staying with the trend we are raising the support/resistance levels on the DJIA (DIA) and Nasdaq Composite (QQQQ) (see below).

The market action today indicated another day of selling even as stocks closed off their intra-day lows. Under the hood today showed investors selling shares which has become the recent trend. Market indexes were negative as well with the NYSE decliners leading advancers slightly over 3 to 1. The Nasdaq Composite (QQQQ) was the weakest index down 1.4%.

Stocks rallied today with the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) gaining 1.6%, 1.7%, and 1.8%, respectively. The major indexes closed near session highs. Market breadth was good. However, investor participation was lighter in today's session compared to the three strong selloff sessions we have had in the last eight trading sessions.