In Spite Of Profit Taking…
In today’s choppy profit taking session,
U.S. stocks dropped amid concern the pace of growth in the world’s largest
economy is slowing, largely because of a loss of consumer confidence.
Shares of 18 of the 20 largest companies by market value, including Microsoft
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declined. Almost three-quarters of the stocks in the Standard & Poor’s 500 Index
fell. Even after today’s losses, the S&P 500 has surged 19%Â from the
five-year low reached Oct. 9.
On the S&P 500 index
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profit-taking pulled the index down to the lows, which is at the -1.50 Vol Band
(917). It then rallied above the 20 period EMA and hit the 50-period (moving
average) before pulling back to chop around. Short-term resistance is at 925
with secondary resistance at 930.
The S&P 500 lost 12.04, or 1.3%, to 920.84 as of 1:12 p.m. ET.
The Dow Jones Industrial Average
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21.07, or 1.4%, to 1460.83.
Gross domestic product, the value of all U.S. goods and services, will expand at
a 1.6% annual rate in the fourth quarter, according to economists surveyed by
Blue Chip Economic Indicators. The economy grew at a revised 4% rate in the third quarter, the Commerce Department said today.
Websense
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is breaking out to hit a 6-month high with
increasing volume. WBSN has a
TradingMarkets.com RS3 rating of 94 and an up trending
ADX of 43.
Nasdaq Market Breadth
Adv: 1209 UpVol: 3804956
Dec: 1939 DnVol: 6386715
Net: -730 Net: -2581759
NYSE Market Breadth
Adv: 1153 UpVol: 25294840
Dec: 2011 DnVol: 61912930
Net: -858 Net: -36618090