brettstockblog's Blog : BTDStocks.com Thursday, December 23, 2010 End-Of-Day Update

Today was another quiet day on Wall Street with low pre-holiday trade. Markets are closed tomorrow and will re-open on Monday. We are expecting more of the same type of low trading activity next week as 2010 comes to an end. From a support level perspective we are going to raise the support level on the S&P 500 (SPY) to 1,242 and for the second day in a row raise the support level on the Nasdaq Composite (QQQQ) to 2,638. We are keeping the support level on the DJIA (DIA) the same at 11,444. We are lowering the resistance levels on the S&P 500 and Nasdaq Composite but keeping it the same on the DJIA (see below). Overall, we continue to feel the market is overbought and complacent with risk greater than reward. The best approach is to continue selling into strength and wait for a lower entry point to enter new stock positions. If you need to own stocks, please see our watch list.

SUMMARY

DJIA: Up 0.1% to 11,573

S&P 500: Down 0.2% to 1,257

Nasdaq Composite: Down 0.2% to 2,666

BREADTH FOR NYSE

Advancing Issues: 1,455

Declining Issues: 1,563

Advance/Decline Ratio: .9 to 1

New Highs: 138

New Lows: 8

High/Low Ratio: 17 to 1

SUPPORT/RESISTANCE LEVELS

DJIA: 11,444/11,584

S&P 500: 1,242/1,259

Nasdaq Composite: 2,638/2,671

SECTOR ANALYSIS

Energy and Materials were the best performing sectors up 0.3% while Financials was the worst performing sector down 0.7%.

Other Sectors:

Consumer Discretionary Down 0.4%

Consumer Staples Flat

Health Care Down 0.1%

Industrials Down 0.2%

Technology Flat

Utilities Up 0.1%

WATCH LIST SYMBOLS

(APOL)-since 10/28/10

(SH)-since 11/12/10

(NUVA)-since 11/12/10

(CSCO)-since 12/2/10

(PSQ)-since 12/8/10

(UUP)-since 12/8/10

(EUO)-since 12/8/10

(RWM)-since 12/16/10

No positions in securities mentioned.

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