The market rose today in another volatile day of trading.   The volume was quite dull and it causes me to sit on the sidelines to see what’s to unfold.  Let’s take a look.

DIA:

The DIA traded between Support 1 and Resistance 1 in a volatile day.  Let’s take a closer look:

dia_5min_080211.png

  • We opened below the pivot point for a quick selloff
  • We break past the support 1 line but start gaining strength
  • We have a confirmed uptrend around 12:05PM
  • We sustained a trading range between the Pivot Point and Resistance 1 ending the day up.

Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 02/12/08, for DiA to look out for:

  • Pivot Point = 121.89.
  • Support 1 = 121.19.  Support 2 = 120.06 .
  • Resistance 1 = 123.02.  Resistance 2 = 123.72.

QQQQ:

The Q’s traded up today between Resistance 2 and the Pivot Point.  Let’s take a closer look:

qqqq_5min_080211.png

  • The Q’s started forming an uptrend on Friday and continued that trend today
  • The ETF traded between the Pivot point and Resistance the first half of the day.  We then see it break past Resistance 1, causing it to become the support line, and Resistance 2.
  • Price started consolidating towards the end of the session and should break out at the beginning of tomorrow.

Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 02/12/08, for QQQQ to look out for:

  • Pivot Point = 43.94
  • Support 1 = 43.66.  Support 2 = 43.26
  • Resistance 1 = 44.34.  Resistance 2 = 44.62

SPY:

SPY traded in a broad range between Support 1 and Resistance 1 today in another volatile day of trading.  Let’s take a closer look:

spy_5min_080211.png

  • SPY sold off early in the session and tagged Support 1 and bounced off to find some strength.
  • We see a confirmed uptrend around 12:05PM.
  • We see price dance around between the Pivot Point and Resistance 1 at this and to the close of session.
  • The ETF looks like it consolidated at the end of the session and we should see a break early tomorrow.

Pivot Points and Price Targets (Supports and Resistance) for Tuesday, 02/12/08, for SPY to look out for:

  • Pivot Point = 133.34
  • Support 1 = 132.45.  Support 2 = 131.15.
  • Resistance 1 = 134.64.  Resistance 2 = 135.53.

The Indexes, ETFs, and market saw an overall up day.  We did not see huge volume spikes today which causes me to think that the bears are still dominant.  Why?  Well, in lateral and up days we see lackluster volume but in down days we see a spike in volume.  This causes me to believe that the bears have the strength still.  Let’s see what will unfold in the coming days.

Be Safe!