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Day Trading Technical Analysis


Day trading Technical Analysis:         

The Dow again ended below its weekly 200ma which is around 11,700. The Dow and the S&P put in a stellar performance this week which both indexes back tested there trend line making higher highs. Volume was extremely light with most of Wall Street on vacation. Let’s see what next week brings when volume comes back into the market.    The downside is still 10,700 if we cannot hold these levels.  This week’s economic data came in much better than expected.  Let’s see if the trend continues.

 Dow Industrials:      Support: 11,315         Resistance: 11,866- 12,100

The Dow Industrials regained its 20 ma and 50 ma . The monthly chart  still show the Dow closing negative for the month. Volume remains light .

S&P 500:  Trend line Support of 1260 – 1270-1280   Resistance at 1291 1320 1350

S&P 500 held the key support of 1260 making higher highs back testing the trend line. Next key resistance would be 1320.  

Spy:  Support 126.50  Resistance 128

Spiders broke well out of the trading range .  A close above 131.50 would be a bullish sign.

QQQQ Support 46.00   Resistance  47.50 – 48.50

Q’S back tested support this week and has yet to make higher highs.  This index has been the laggard this week.. 

Iwm:  Support 72.50    resistance 73.30

Iwm did back tested the 72 level and is now looking to take out resistance of 76.30.

XLF:  Support 19.80  Resistance 22.50

Xlf bounced off support and is now making higher highs.  If we can take out 22.50, this would be a bullish sign for the markets.

Quote of the day:

“The examination of a losing trade is tortuous but necessary that it will not happen again ”   Jesse Livermore….

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

 Keystone tech trader…


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