New Levels Of Support To Watch
At the halfway point of trade, the three major
indices have settled into trading ranges on light volume. After breaking
above their 50-day moving averages yesterday, they are now testing these levels
as support. The Dow Jones Industrial Average
(
$INDU |
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PowerRating) at 8835,
Nasdaq Composite
(
$COMPQ |
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PowerRating) at 1373 and the S&P 500
(
$SPX.X |
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PowerRating)
930.50.
Nasdaq volume is relatively flat with decliners
leading advancers 1.44-to-1 with NYSE volume a little stronger than yesterday’s. NYSE decliners are leading advancers by almost 2-to-1.
Some of the stronger sectors today include:
Gold
(
$XAU.X |
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PowerRating), Coal, Biotech
(
$BTK.X |
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PowerRating),
Healthcare, REITs and Cable.
The weaker sectors are: Retail
(
$RLX.X |
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PowerRating),
Semiconductors
(
SOX.X |
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PowerRating), Semi Equipment, Oil
(
$XOI.X |
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PowerRating),
Oil Services
(
$OSX.X |
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PowerRating), Media, Chemicals, Telecom,
Drugs
(
$DRG.X |
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PowerRating), Homebuilders, Banks
(
$BKX.X |
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PowerRating),
Brokers, Food and Tobacco.
SanDisk
(
SNDK |
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PowerRating) is breaking out above
the 16.00 resistance line with strong volume. The 18.00 area serves as its next
resistance point. SNDK is trading at 16.62 up .87.
Advanced Auto
Parts
(
AAP |
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PowerRating) is rallying above its 50-day moving average on the daily
chart with increasing volume. AAP is now trading between its 50% and 61.8%
retracement (from the high in May to the low in July).
Support is at 51.87. AAP is trading at 53.75 up .20.
Pixar
(
PIXR |
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Chart |
News |
PowerRating)
is breaking above resistance with increasing volume. PIXR has a
TradingMarkets.com RS3 rating of 81. Pixar is trading at 50.20 up .28.
With the lack of economic reports, there is
really not much moving the markets other than the sideways pattern that
it is stuck in currently.
NASDAQ Breadth
Adv: 1251 UpVol: 2700584
Dec: 1894 DnVol: 4829119
Net: -643 Net: -2128535
NYSE Breadth
Adv: 1127 UpVol: 24958610
Dec: 2005 DnVol: 46709469
Net: -878 Net: -21750859