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The average summertime correction in years when the market generally rallies is 11 percent and the average duration of the downturn is just under 3 months. Unless the economic data deteriorates further, look for a pullback of roughly average duration and severity this summer. Such a move would see the S&P 500 re-test the 1,270 to 1,280 support area and find a bottom at some point over the summer.

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Stocks had another session where they traded up and down however today in contrast to yesterday's session they held on to finish higher in the middle of their intra-day trading range. Market breadth was generally positive but with the Nasdaq Composite (QQQQ) being the leader in today's session more money seemed to be going into the NYSE than the Nasdaq.

Today was an up and down session for stocks. By the close stocks gave up early gains and closed down. The losses were small for the DJIA (DIA) and S&P 500 (SPY) and both of them held above and never tested their lows from yesterday. The selling on the Nasdaq Composite (QQQQ) was stronger as it closed below yesterday's low.

Elaborating on our update from Friday we see a few possible scenarios for the stock markets next move. The S&P 500 and Nasdaq Composite last week found resistance near their 21-day moving averages and support at their 50-day moving averages. Based on this we would use a move over the 21-day moving averages on a closing basis as an indication the market wants to keep moving higher.

The major indexes experienced mild declines today. However, they were enough to adjust the support/resistance levels on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ). Action indicated a lack of participation from investors and market breadth swayed toward the negative side.

Stocks rose for the third session in a row with the major indexes up between 1.5% and 1.8%. Investor participation was hard to judge with the market coming off an options expiration session on Friday. Market breadth was strong with stocks closing near session highs.

Early 1% plus gains in the market for the major indexes were erased as the market gave back some and mostly closed at the bottom part of the day's trading range. Investor participation was tough to judge as today was an options expiration session. Breadth came in at good levels. Keeping with the trend we are raising the support/resistance levels on the DJIA and S&P 500 (see below).

After yesterday's meaningful strong selloff the major indexes were able to recover from a third to half of their losses. Investor participation was not as strong as yesterday so the juror is still as to whether or not today is the start of a new uptrend in the market. Market breadth was good in today's session.

Stocks continued their selling ways today with the major indexes declining 1.9%-2.0% on strong participation from investors and on weak market breadth. The DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) have quickly given up the gains for 2011. As a result, we are lowering the support/resistance levels on the DJIA, S&P 500, and Nasdaq Composite (see below).

The market opened the session on Tuesday with strong losses in the area of approximately 3% on the major indexes due to the turmoil in Japan. As the session wore on stocks recovered more than half of their losses (a nice sign from a trading perspective). However, staying with the trend we are lowering the support/resistance levels on the DJIA, S&P 500, and Nasdaq Composite (see below).

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