The technology heavy NASDAQ Composite has held up better than the other major stock indexes such as the Dow Jones Industrial Average, S&P 500 Index and the Russell 2000. As long as the NASDAQ Composite holds up and does not breakdown, this tells us that people are still willing to take on risk. Please remember, most stocks in the NASDAQ Composite do not issue dividends.
The stock market had another volatility chop fest with the SP 500 up 2.2% at it highs down 1% at its lows to settle up 0.8%.
The swings in the Nasdaq Composite were even more wild up 1.9% at the highs down 2.3% at the lows to down 0.4% by the close.
China technology shares along with Semiconductor stock issues which lagged the overall market were the cause.
The stock market opened sharply higher today. This move took the Dow Jones Industrial Average up by more than 200 points. In the last two days, similar up moves have taken place but sharp selling has come in late in the day and driven the markets back down. Today, the markets are seeing sharp selling again from the gap higher.
Stock traded higher at the beginning of today's session but then drifted lower the rest of the day (this has been the trend lately) with the major indices closing down at least 1.5% each.
The SP 500 support/resistance levels moved lower to 1,150 from 1,173 and 1,154 from 1,183.
The Nasdaq Composite did the same with support moving from 2,540 to 2,483 and resistance from 2,549 to 2,530.
The market turned gains of at least 2.8% each on the major indexes into minimum profits of only 1.1% as stocks gave back more than half of their intra-day returns.
The major indexes closed below their intra-day session mid-points.
Even so the support/resistance levels on the SP 500 did rise from 1,154 to 1,173 and from 1,165 to 1,183.
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 support/resistance moved up from 1,130 to 1,154 and 1,150 to 1,165.
Support/resistance on the Nasdaq Composite rose to 2,483 from 2,470 and 2,536 from 2,483.
SP 500 and Nasdaq Composite remain below their moving averages (21, 50, 200).
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 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 moved higher from 2,381 to 2,470 and from 2,468 to 2,483.
Stocks declined heavy again with major indexes down at least 3.2% each today.
SP 500 support/resistance moved down from 1,165 to 1,128 and 1,173 to 1,150.
Nasdaq Composite support moved lower from 2,531 to 2,381 and resistance moved lower from 2,549 to 2,468.
SP 500 and Nasdaq Composite are now both below their moving averages (21, 50, 200).
Stock sold off hard with major indexes down at least 2% each.
SP 500 support/resistance moved down from 1,199 to 1,165 and 1,204 to 1,173.
Nasdaq Composite 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).
Major indexes were up at least 1.1% each but reversed course and gave up their gains finishing in a range up 0.1% to down 0.9%.
SP 500 support/resistance moved down from 1,204 to 1,199 and 1,217 to 1,204.
Nasdaq Composite support moved lower from 2,602 to 2,580 and resistance moved lower from 2,616 to 2,598.
SP 500 above 21 day moving average but below 50 and 200 day moving averages.