Key Levels In the Naz We’re Watching
Stocks continue to move lower today. This
is due primarily to worries that earnings from large companies may not hit their
mark. This is in addition to the ongoing weakness in the dollar. The September
dollar
(
DXU2 |
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PowerRating) dropped to a two-year low against the September euro
(
ECU2 |
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PowerRating) after the U.S. posted a record trade deficit in April.
The S&P 500
(
$SPX.X |
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back and fallen just below the 70.7% retracement level at 1011.99 and has
established a trading range between 1010.31 to 1023.34.
The Nasdaq Composite
(
$COMPQ |
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PowerRating)
weakened and fell below the 1500.79 support level. The day’s trading range has
been between 1474.99 to 1503.01. The PHLX Semiconductor sector index
(
$SOX.X |
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PowerRating)
is trending lower and putting pressure on the Nasdaq. The SOX is now below the
400 support level.
The Volatility indexes are heating up and
breaking into higher levels. The OEX Volatility Index
(
$VIX.X |
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PowerRating) broke
above the 30.00 level, while the Nasdaq Volatility Index rallied above 58.32.
The QQQ Volatility index
(
$QQV.X |
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PowerRating) moved above the 50.40 resistance level.
There are not many signals as to where the market is headed. Goods news doesn’t
seem to help the markets move at all. There are no buy or sell indicators from
the CVR levels.
Click Here to look at the levels. Gary Kaltbaum does see some possible
light at the end of the tunnel.
Click Here to read Gary’s article.
eBay (EBAY)
is pulling back from its recent high. EBAY is currently down 1.34 to 60.48
and is holding a
3-month relative strength rank of 83 from TradingMarkets.com.
United Surgical Partners (USPI)
is pulling back from its recent high. The stock is currently trading up 0.06
to 31.11 and is holding a
3-month relative strength rank of 99 from TradingMarkets.com.
Nasdaq Breadth: 2002-06-20 13:20:32
Adv: 1676 / Dec: 1521 Net: +155
UpVol: 2067929 / DnVol: 6716362 Net: -4648433
Breadth: 2002-06-20 13:20:32
Adv: 1715 / Dec: 1400 Net: +315
UpVol: 29047014 / DnVol: 46202110 Net: -17155096
Volume on the exchanges is below average.