BTDStocks.com Tuesday, March 8, 2011 End-of-Day Update

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). For the S&P 500 (SPY) we are raising its support level but keeping its resistance level the same (see below). The DJIA was able to recover its 21-day moving average slightly in today's session. The S&P 500 closed slightly below its 21-day moving average after trading above it intra-day. The Nasdaq Composite remains below its 21-day moving average and was never able to test it intra-day today. All three indexes remain above their 50-day moving averages. Overall, defense remains the smart move right now based on the stock market direction. The trend continues to be that on day's when stocks rise investors are not buying shares heavily and on day's when stocks fall investors are selling shares heavily. If you need to own stocks, please see our watch list below.

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