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.

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.

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).

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).