- Select - Briefing.com IN BRIEFPage OneEconomic Briefing3X a Day After Hours & Weekly Wrap Ticker Alert WatchList PageAlert E-mails My Briefing IN DEPTHLive In PlayLive HeadlinesStock Market UpdateStory StocksPre-Open ReportSwing TraderAfter-Hours ReportTech StocksDaily Sector WrapBond Market UpdateRate BriefFed Brief PERSPECTIVEAll ColumnsThe Big PictureAhead of the CurveEconomic InsightThe Technical TakeSmall Cap Focus The Bond ColumnEconomic ViewMarket View CALENDARSUpgrades/ DowngradesEarnings/Revenue CalendarEarnings by SectorEarnings SurprisesEarnings GuidanceEconomic CalendarEvents CalendarConference SchedulesSplits CalendarIPO CalendarStock Index CalendarSame Store Sales TOOLS & DATA Market Internals BriefingSearch Keyword Search The Technical Take About this page | Print version Support and resistance levels posted daily. Updated Daily by 9:30 ET. Archive Updated: 27-Oct-10 09:19 ET The Technical Take: Market Poised For Weak Open The S&P has become extended by some technical measures and stalled after Monday's early run to new multi-month highs. However, the price action has been sloppy not aggressively weaker, initial supports (trendline/10 day ema) have held thus far, and the market is entering into a positive seasonal bias related to the end/start of the month and the mid-term election. The premarket tone is weaker following overseas pressure, weaker orders data x-transportation and Dollar Index upticks. Initially watching yesterday's afternoon/morning lows in the S&P (1181/1177) for a read on the strength of the pullback. A posture near leaves inflicts no short term chart damage. A push through initial resistance at 1190/1191 would be needed to neutralize a potentially weaker pattern off the high for the week/month. Tuesday Summary: The stock averages began on a negative note in the wake of modest pressure overseas, Dollar Index upticks and below consensus housing data. The S&P found its footing in the first 10 minutes of trade as it stabilized near the Aug-Oct trendline, its 10 ema and the 50% retracement of the rally off last week's low. Better than expected confidence data (50.2 vs. consensus 49.0) and a positive house price index helped to underpin the bounce attempt as did the IBM stock repurchase announcement. While it was a constructive recovery off the low, the S&P stalled near a short term resistance at 1186/1187 midday with choppy action on both sides of the flat line persisting into the close leaving the overall bias just slightly favorable (Nasdaq outperformed). Sector winners were led by: Casino +2.1%, Disk Drive +1.4%, Oil Service OIH +1.1%, Reg Bank RKH +1%, Silver SLV +0.9%, Retail XRT +0.8%, Software SWH +0.8%, Internet HHH +0.8%. Weakness was noted in: Healthcare -2%, Computer-Hardware -1.9%, Networking -1%, Steel SLX -1%, Materials -0.6%, REITs IYR -0.6%. Market Averages Dollar Index The Dollar is a short term focus again. It stalled at its 20 ema last week and after a choppy pullback has pushed back near the average and last week's highs. These are the short term levels of interest for me but the overall question is whether we are just looking at a three wave correction bounce similar to Aug (up, down, up). If you have requests for charts that you would like to see or if you have comments, questions or suggestions on The Technical Take or TECHX IN PLAY updates send them to Jim Schroeder at technicaltake@briefing.com. Support And Resistance Table for Wednesday Oct 27 Res/Sup Nasdaq Comp S&P 500 Cash Dow Ind. Avg Nasdaq 100 Tracking Stock (QQQQ) Semi ETF (SMH) Russell 2000 ETF (IWM) Resist 4 2551/2560 1205/1206 11343/11350 53.25/53.33 29.72/29.84 72.45/72.58 Resist 3 2535/2540 1199/1201 11295/11305 52.65/52.84 29.44/29.48 72.00/72.10 Resist 2 2517/2522 1194/1196 11258 52.40/52.50 29.16/29.22 71.56/71.65 Resist 1 2507/2510 1190/1191 11210/11222 52.15/52.23 28.90/29.00 71.17/71.20 CLOSE 2497.29 1185.64 11169.46 52.03 28.68 70.69 Supp 1 2491/2487 1179/1177 11130/11120 51.80/51.70 28.55/28.50 70.50/70.40 Supp 2 2480/2478 1172/1170 11075/11065 51.42/51.35 28.32/28.21 69.90/69.76 Supp 3 2470/2462 1166 11010/11000 50.87/50.79 27.96/27.86 69.45/69.35 Supp 4 2450/2444 1160/1159 10925/10915 50.50/50.42 27.65/27.55 69.08/68.95 To receive an E-mail Alert whenever this page is updated go to the Platinum Index and click on Edit My Profile in the lower left under E-mail Services. Follow the instructions from there to choose the alerts you would like to receive. Up to Top Copyright © 2010 Briefing.com. All rights reserved.
