The stock market continues to hover on the downside but with minimal losses. Europe took a major blow today again as continued fears of default rattle the chains of stability. The September 6th low is holding today thus far at $114.50, on the SPDR S&P 500 ETF (NYSE:SPY). This is the major pivot point for the day. One of the key reasons why this level is so important to technical traders, is because a break of $114.50 would cease the high low moves in the market. Once a lower low is made, the markets will most likely collapse down to the SPY double bottom at $110.27 and then eventually see $104.50.
For technical traders, a close between $114.50 and $115.25 gives master traders a neutral bias into tomorrow. A close above that range would be bullish and below very bearish. Monitor these levels and remember this week is options expiration. Many whips will be seen.
Technology has been a key to the recovery in the markets off the lows. Stocks like Amazon.com, Inc.(NASDAQ:AMZN) and Intel Corporation (NASDAQ:INTC) are nicely higher. In addition, many other leading stocks like Apple Inc. (NASDAQ:AAPL) are only fractionally lower. When leading stocks show strength, eyes must turn towards a possible move higher. Even a bank stock like Bank of America Corp (NYSE:BAC) is flat on the day.
Gareth Soloway
InTheMoneyStocks.com
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