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Today's technical outlook: Support levels under attack

Posted Feb 24th 2009 9:30AM by Sam Collins (RSS feed)
Filed under: Technical Analysis, S and P 500, DJIA

Despite oversold internal indicators and almost record bearish sentiment numbers, the three major indices fell again yesterday, with the Dow and the S&P 500 recording new lows. It appears that the major indices are falling one by one, with the Dow leading the way down.

The most important event Monday was the S&P 500 setting a new closing low while just above a point from the intraday low of Nov. 21 at 741.02. The other important broader-based index, the NYSE Composite, is also just a fraction of a point from a new closing and intraday low. Only the Nasdaq is holding, but even it is approaching a major support line at 1,385, and if that gives way, an attack on its November low seems inevitable.

Continue reading Today's technical outlook: Support levels under attack

Today's technical outlook: Shorts may feel the squeeze soon

Posted Feb 19th 2009 9:30AM by Sam Collins (RSS feed)
Filed under: Technical Analysis, S and P 500, DJIA

One by one, the key indices appear to be breaking their support lines.

The Dow Industrials were the first to break, but the S&P 500 has also fallen through its support zone at 800 to 820, and so has the NYSE Composite. Only the Nasdaq is holding above its January low while the others are in a full test of their November bear market bottoms.

But despite the full attack on the bear market low, it would be dangerous to assume that a market sell-off is inevitable.

Continue reading Today's technical outlook: Shorts may feel the squeeze soon

Today's technical outlook: Sideways market will challenge traders

Posted Feb 17th 2009 9:30AM by Sam Collins (RSS feed)
Filed under: Technical Analysis, S and P 500

From September to early November, the volatility was staggering, and if you were on the side of the major trend (down), you've made money. But now traders are grumbling that there just isn't enough volatility to make trading profitable.

On Friday, Standard & Poor's reported that in the past 22 days, the S&P 500 has remained between 805 and 874, or within an 8% range. But during the past 12 days, the closing price range for the "500" has been only about 50 points.

Continue reading Today's technical outlook: Sideways market will challenge traders

Today's technical outlook: Holding the line on a dramatic rebound

Posted Feb 13th 2009 9:30AM by Sam Collins (RSS feed)
Filed under: Technical Analysis, S and P 500

On Thursday, stocks opened sharply lower, with the financial sector caught in a wave of selling. And the selling accelerated during the afternoon as it began to envelope the entire market, driving into the heart of the major support zone of the S&P 500 at 800 to 820.

With one hour left in the session, the broader index was at 810 and falling rapidly. It seemed inevitable that the day would end with a major breakdown and a rush to the November low at 752.

But a story from Reuters that the Obama administration is working on a plan to subsidize mortgage payments and stem foreclosures -- and thus, stop bank write-downs -- turned the tide.

Continue reading Today's technical outlook: Holding the line on a dramatic rebound