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•Stocks bounced between gains and losses early in today's session but by the close the major indexes rose at least 1.4% each.
•SP 500 $SPX $SPY support/resistance moved up from 1,130 to 1,154 and 1,150 to 1,165.
•Support/resistance on the Nasdaq Composite $COMPX $QQQ rose to 2,483 from 2,470 and 2,536 from 2,483.
•Semiconductor Index $SOX $SMH lagged down 0.1%.

Nasdaq Composite

$COMPX

Open gap down to 2,537

Consumer Discretionary

XLY

Open gap down to $36.29

Consumer Staples

XLP

Open gap down to $30.01

Energy

XLE

Open gap down to $62.83

Financials

XLF

Open gap down to $11.90

Health Care

XLV

Open gap down to $32.10

Tags:

•After yesterday's brutal sell-off stocks rose with the indices gaining at least 0.4% today palpable to the prior session's losses.
•The broader SP 500 $SPX $SPY support level moved up slightly from 1,128 to 1,130 while resistance remains the same at 1,150.
•The support/resistance levels for the Nasdaq Composite $COMPX $QQQ moved higher from 2,381 to 2,470 and from 2,468 to 2,483.

•Stock sold off hard with major indexes down at least 2% each.
•SP 500 $SPX $SPY support/resistance moved down from 1,199 to 1,165 and 1,204 to 1,173.
•Nasdaq Composite $COMPX $QQQ support moved lower from 2,580 to 2,531 (21 day moving average)-resistance moved lower from 2,598 to 2,549.
•SP 500 is once again below its moving averages (21, 50, 200).

Tuesday, July 12, 2011

Posted by dailystockmarke... on July 14th, 2011

The Semiconductor Index (SOX) fared the worst in today's session with a decline of 2.9% and the Semiconductor Holders (SMH) ETF was down 3.1% on heavy volume-the SOX and SMH gapped down and have gaps between 402.66/405.48 and $33.64/$34.03, respectively-we are keeping our eyes on these levels as gap usually get filled in the near term...We are lowering the support/resistance levels on the DJIA (DI

Today was quit a volatile session before the May jobs report is disclosed tomorrow morning at 8:30. Stocks traded in both directions today significantly. At the end of the day the Nasdaq Composite (QQQQ) led the market today with a mild 0.2% gain while the DJIA (DIA) and S&P 500 (SPY) fell in small order 0.3% and 0.1%, respectively.

The stock market had another nice day in terms of price action with the major indexes all posting gains of 1% or higher. Breadth was strong again (not like when the rally began in March 2009-could indicate a late stage bull market) but volume figures are making it difficult to determine if the resumption of the rally is for real or just a head fake.

As we have been suggesting the recent stock market consolidation has been constructive enough that we have reframed from calling it a correction. One reason for our thesis is the Semiconductor Index (SOX) has remained strong and outperformed the broader market during the consolidation phase. Good economic data today propelled stocks significantly higher.

For the third session in a row stocks had a down day. Just like yesterday stock opened weak and had an afternoon rally. Only today stocks materially weakened in late trading and couldn't finish near their highs. As a result, we are lowering the support/resistance levels for the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) (see below).

Some late day buying saved the stock market from having heavy declines today. The DJIA (DIA) tested and closed below its 50-day moving average while the broader S&P 500 (SPY) indexes tested but closed above its 50-day moving average.

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