INDU suffered 173 point loss today. SPX lost more than 17 and NDX lost more than 21. All major markets moved downward.
INDU has been performing better than NASDAQ this year.
Tag Archives: Spx
INDU, SPX and RUT pose for breakout, but QQQQ is still in the woods
INDU, SPX and RUT all pose for breakout. INDU will probably test 11,000, while QQQQ is not out of woods yet.
Market Overview
INDU is approaching its major resistence at 11,000. We may hit 11,000 before 2004 ends even we will only have one trading seesion left on the calendar!
QQQQ has been around 40 a few times, it poses to break through the resistence and leaves this long base built over three years!
SPX looks more like INDU than QQQQ, but its major resistence is at 13,00 before next one at 1,400, still a long way to go. The trend is up.
QQQ, RUT, SPX and INDU
QQQ, RUT and SPX are all at or close to their 52 week high. The only exception is the INDU, which is breaking out from its downtrend line. Today’s rally were wide spread, but the volumes were at about average levels. Whether or not the overhead resistences can be taken out it remains to be seen in the comming days. As the election was over, traders and invetors alike move their focus back to routine aspects.
The vertical spread on QQQ Nov calls opened a while ago has increased its value to 0.85 or 100%. If the QQQ stays above 37, it can reach maximum profit of 1.15 or 135%.
GOOG, INDU, SPX, RUT, QQQ, MSFT, INTC
GOOG gapped up big time today after excellent earning report. It now looks like we are back in dot com boom era when stocks move 20 points or more in a single day.
INDU is now at year’s low. The support at 9800 was borken slightly at higher than average volume. It’s very weak now. Let’s see if it can hold up above 9700. The next support is at 9500.
SPX is likely seeking support between 1095 and 1065.
RUT is in better shape with support at 560.
QQQ is so far the best among major indexes. The uptrend channel is still intact despite today’s big drop. The volume is slightly above average level.
MSFT is hurt by disappointing earning data. The support is at 27. The high volume yesterday indicated heavy selling into the resistence of previous big gap down.
INTC did not fall too much among today’s big selling in tech related stocks, which means the market has much consensus at this level. Today’s volume is light.