Another Key Level In The Nasdaq…
The Nasdaq Composite
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is
trading at a key area. The 1265 to 1268 range is the 50% retracement drawn
from the August high to the recent low, also the 50-day moving average on the daily.
After this, initial resistance is at 1300. Support is at 1250 with secondary at
1228. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) is trading
above the 50% retracement (867) and right at the 878 50-day SMA. Overhead
resistance is at 890 with secondary resistance at 890.
At just past the half way point, the indices have
spent most of the session chopping sideways. The market internals show the
positive bias as advancing issues are strongly ahead of declining issues, while
up volume is outpacing down volume, at the NYSE and Nasdaq. Sectors that are supplying strength in the
markets are: photography, leisure products, homebuilding, technology,
transportation, financial, aluminum, steel, tobacco, and energy. The weaker sectors
include: advertising, dept. store, defense, restaurants, soft drink, managed
care. The good news is that most of the notable laggards are outside the
technology sector.
Sandisk Corporation
(
SNDK |
Quote |
Chart |
News |
PowerRating) is
breaking above the 18.00 resistance level to trade higher with very strong
volume. SNDK has had a strong week and is close to hitting the 52-week high
level at around 21.00. SNDK has a
TradingMarkeys.com RS3 rating of 89. SNDK is trading at 18.33 up 2.69.
Pharmaceutical Product Development
(
PPDI |
Quote |
Chart |
News |
PowerRating)
is hitting a 6-month high with increasing volume. PPDI has a
TradingMarkets.com RS3 rating of 96. PPDI is trading at 28.39 up 2.13.
Nasdaq Market Breadth
Adv: 2315 UpVol: 8343144
Dec: 863 DnVol: 965743
Net: +1452 Net: +7377401
NYSE Market Breadth
Adv: 2221 UpVol: 72183084
Dec: 973 DnVol: 29253290
Net: +1248 Net: +42929794