Market Overview

BTDStocks.com Friday, November 5, 2010 End-Of-Day Update

Today stocks digested yesterday's rally with modest gains. Overall, we are keeping the support/resistance levels for the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) the same (except we raised the resistance level on the Nasdaq Composite slightly-see levels below). If the current stock market direction uptrend euphoria continues key levels on the S&P 500 to watch are 1,240-1,250, 1,290-1,300, 1,315-1,325. Having said that we continue to believe the prudent approach is to keep selling on the way up and quickly cut losses when stocks goes against the trend. As we mentioned earlier this week we thought the Volatility Index (VIX) could re-test and make a new marginal low (which it did). Over the last two trading sessions the VIX has made two interesting technical patterns which could indicate a new bottom and a pullback for stocks. The US Dollar has made a similar pattern and stabilized somewhat over the last few trading sessions as well. If you are following us on Twitter you know we have had a US Dollar long ETF (UUP) and Euro short ETF (EUO) on our watch list since the market open on October 20th.

SUMMARY

DJIA: Up 0.1% to 11,444

S&P 500: Up 0.4% to 1,226

Nasdaq Composite: Up 0.1% to 2,579

BREADTH FOR NYSE

Advancing Issues: 1,780

Declining Issues: 1,254

Advance/Decline Ratio: 1.4 to 1

New Highs: 447

New Lows: 8

High/Low Ratio: 56 to 1

SUPPORT/RESISTANCE LEVELS

DJIA: 11,144/11,447

S&P 500: 1,185/1,228

Nasdaq Composite: 2,505/2,579

SECTOR ANALYSIS

Financials was the best performing sectors up 2.3% while health care was the worst performing sectors down 0.6%.

Other Sectors:

Consumer Discretionary Up 0.5%

Consumer Staples Down 0.5%

Energy Up 0.5%

Industrials Up 0.6%

Materials Up 0.4%

Technology Down 0.1%

Utilities Flat

www.btdstocks.com

Posted-In: Intraday Update

 

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