After selling off in yesterday’s sessions stocks finished with mixed results in today’s session.  The Nasdaq Composite was the clear leader with a 0.6% advance as the result of favorable comments from some technology companies.  The DJIA was up only 0.1% and the S&P 500 was flat and could not close above its 50-day moving average.  The Nasdaq Composite did regain and close above its 50-day moving average.  Investors were relatively quiet in today’s session and market breadth basically finished in neutral territory.  Oil and gold advanced in today’s session 0.8% and 0.3%, respectively.  Both remain above their 21-day, 50-day, and 200-day moving averages.  The Semiconductor Index (the SOX) rose 0.3% half the performance of the Nasdaq Composite.  In strong markets you usually the SOX outperform the broader Nasdaq Composite.  Keeping with the current stock market direction action we are raising the support/resistance levels on the DJIA (see below).  For the S&P 500 we are raising its support level but keeping its resistance level the same at its 50-day moving average (see below).  Since the Nasdaq Composite was the leader today we are raising both its support/resistance level based on today’s action (see below).  The markets sentiment remains at a high level of complacency and low volatility as measured through the Volatility Index (the VIX).  The right approach right now until the market gives us a better signal is to remain cautious when adding to stock positions, protect your profits and keep losses small. If you need to own stocks, please see our watch list below.  

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