GOOG is at previous low, which is the support. Will it stick, don’t know. The bounce needs some kind of news or rumors. Or MM may stage a shake out to break the support.
Tag Archives: Low
SUNW and LOW
LOW broke its support at the SMA20. It’s going towards the lower bound of this range.
Is it time to get in SUNW again? Not now, let’s wait until we see the support above 4 is held and after it comes out some kind of stablization period.
LU and HNP
LU bounced back from low of 3.12. It has broken the resistence at SMA 20, which it had done last month but failed to folllow through. The next resistence is the downtrend line overhead, roughly at 3.5.
Since HNP broke down from the triangle and formed a double bottom, it has rallied back the breaking point 30. There is one point of room for it to go higher before reaching the downtrend line formed since last Sep. It does not hurt to take some money off the table now.
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.
Do we see the bottom yet?
All major indexes broke their support levels and they are all at year low right now. As earning report season is almost over and oil price has hit new high, what would be the triggering point to move market lower?
NDX is at 1300, a major support level. 1050 is the major support for SPX while 9500 is the major support for INDU.
I would be a potential buyer at these support levels for my 401(k) account.