brettstockblog's Blog : BTDStocks.com Wednesday, October 20, 2010 End-Of-Day Update

Stocks were able to recover alot of the losses from yesterday even after giving up some gains late in the trading session. The activity lacked conviction somewhat compared to yesterday in terms of accumulation of shares. In addition, technology (XLK) and semiconductor (SOX) stocks lagged the broader market. The major indexes intraday traded down near the support levels we identified in last night’s blog post but never tested them. As a result, we are raising the support levels (see below) on the DJIA (DIA), S&P 500 (SPY), and Nasdaq Composite (QQQQ) but we are leaving the resistance levels (see below) the same. We continue to believe the best approach is to not open new positions, protect profits, and limit losses.

SUMMARY

DJIA: Up 1.2% to 11,108

S&P 500: Up 1.1% to 1,178

Nasdaq Composite: Up 0.8% to 2,457

BREADTH FOR NYSE

Advancing Issues: 2,313

Declining Issues: 745

Advance/Decline Ratio: 3 to 1

New Highs: 169

New Lows: 5

High/Low Ratio: 34 to 1

SUPPORT/RESISTANCE LEVELS

DJIA: 10,979/11,144

S&P 500: 1,166/1,185

Nasdaq Composite: 2,437/2,481

SECTOR ANALYSIS

Materials was the best performing sector up 2.1% while utilities was the worst performing sector up 0.8%.

Other Sectors:

Consumer Discretionary up 1.3%

Consumer Staples up 0.9%

Energy up 1.3%

Financials up 1.0%

Healthcare up 0.9%

Industrials up 1.4%

Technology up 0.8%

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