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Day Trading Technical Analysis


Day trading Technical Analysis:         

We are now in September and generally for the markets September and October  historically are negative for the markets and September began with no change to that statistic.  The most of the indexes broke there down trend line and are  ultimately headed to retest the July lows. The downside is still 10,700 if we cannot hold these levels we could be looking at a multiyear bear market.   This week’s economic data continued there negative trend along with poor retail sales triggered another leg down. This morning’s job report will be key for the mood of the markets.

 Dow Industrials:      Support: 11,120         Resistance: 11,300- 11,400

The Dow Industrials lost its uptrend line and it looks likely to retest the July lows.  

S&P 500:  Trend line Support of 1210-1235   Resistance at 1260- 1270-1280

S&P 500 broke key support of 1260 as indicated last week.. We are a bit oversold expect a short term bounce in the next few days then a continuation to the down side.  

Spy:  Support  123.35  – Resistance 126.50 – 128

Spiders broke down key support. The trend remains to the down side.   

QQQQ Support 42-88   Resistance 44- 46-  47.50

Q’S  were the laggard last week as indicated.  Money continued to flow out of technology and clearly broke down.  Watch to see if 42.82 holds which is the 200 ma off the weekly charts.

Iwm:  Support 71.75    resistance 73.30

Iwm  was the strongest of the indexes however it is on its 200ma daily support.  A break below this level will test the 70 area.

XLF:  Support 19.80  Resistance 22.50

Xlf also held up rather well.  A break below its 50 ma which is 20.70 would test the lower end of the channel. Of 19.80

Quote of the day:

“I never try to predict or anticipate.  I only try to react to what the market is telling me by its behavior. ”   Jesse Livermore….

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

 Keystone tech trader…


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