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Day Trading Technical Analysis


Day trading Technical Analysis:         

The Dow ended below its 200ma which is around 11,700. The Dow and the S&P broke out of the bear wedge patterns as indicated on the last news letter. The Nasdaq held up for the week but volume was very light. The dog day’s of summer is upon us so extreme caution is recommended when trading.    The downside is still 10,700 if we cannot hold these levels.  This week we still see weak economic data. Housing starts down 11% to 965,000.  Building permits down 17.7% to 937,000.  PPI up 1.2% and the Core up 0.7 % worst PPI since 1981.

 Dow Industrials:      Support: 11,315         Resistance:  11,700 – 11,866

The Dow Industrials broke down off the bearish rising wedge and is showing signs of further weakness.  Volume continues to be light.   

S&P 500:  Trend line Support of 1260 – 1245- 1235   Resistance at 1291 1320 1350

S&P 500 had also broke out of the bearish rising wedge. Lets see if it can hold these levels.  

Spy:  Support 126.50  Resistance 128

Spiders did break key support of 128.  Lets see if it can recapture this level today.

QQQQ Support 46  Resistance  47.50 – 48.50

Q’S have showed signs of strength and is now back testing support. 

Iwm:  Support 70   resistance 72.50

Iwm did pull back after making the double top and found support at 72.   

XLF:  Support 19.80 Resistance 22.50

Nothing has really changed in the Xlf.  It is basically chopping around support and resistance.  Watch for a break above or below horizontal support or resistance. This support is key if broken the  general market will follow.

Quote of the day:

“ Don’t try to play the market all the time.  It can’t be done,  too tough on the emotions ”   Jesse Livermore….

Keep in mind the trend is your friend.  Have a great day and weekend!

 Keystone tech trader…


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