Where Support Is Holding
The Nasdaq is holding support at the session lows testing support at 1336/1333.
This is the 70.7% retracement level on the daily chart. The 20-day simple moving
average is at 1326. To the upside, watch for initial resistance at 1347
followed by additional overhead in the range of 1356 to 1360. The Nasdaq is
trading at 1340.37, down 18.91.
With the bond market closed for Veterans Day,
trading of 437 million shares on the New York Stock Exchange was one-third less
than a week ago. More than two stocks fell for every one that rose on the NYSE
and the Nasdaq Stock Market.
The S&P 500
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$SPX.X |
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PowerRating) dropped 13.07, or 1.5%, to 881.67 as of 12:16 p.m.
ET. General Electric and
Hewlett-Packard contributed more than a tenth of the decline. The Dow Jones
Industrial Average
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$INDU.X |
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PowerRating) shed 122.76, or 1.4%, to 8414.37. The
Nasdaq Composite
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$COMPQ.X |
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Strong Sectors:
biotech, health and oil. Oil is being driven by the Dec. crude
oil contract
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CLZ2 |
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PowerRating). Iraq has said that it will not be able to meet some of
the demands of the newest UN resolution.
Weak Sectors: semi, networking, wireless, storage, retail, gaming, PBM,
software, telecom, natural gas, oil, health
J2 Global Communications
(
JCOM |
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consolidating on the intraday chart between the 50 and 62% Fibonacci levels off
the range for the session. The stock is down 4 points at 22.80. Although volume
is very heavy on the day, be prepared for extra volatility off of any setup
entries as volume has dried up considerably.
Avocent Corp.
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AVCT |
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PowerRating)
is pulling back from the high. AVCT has a TradingMarkets.com RS3 rating of 91
and an up trending ADX of 38. AVCT is trading at 21.50 down .30.
Volume remains light with market internals
weakening with the averages.
Nasdaq Market Breadth
Adv: 842 UpVol: 721324
Dec: 2163 DnVol: 5501528
Net: -1321 Net: -4780204
NYSE Market Breadth
Adv: 873 UpVol: 8227390
Dec: 2220 DnVol: 51561072
Net: -1347 Net: -43333682