The Market Direction…

>>>Market Condition Analysis>>> A much more negative global economic outlook from the World Bank induced a moment of clarity for investors as sellers took firm control of today’s stock market. Decliners outpaced advancers by ratios of 7.8 to 1 on the NYSE and 5.5 to 1 on the Nasdaq exchanges. All four of the major equity indices made new 5 day lows.

A quick scan of industry breadth reveals only two positive performers in the defensive areas of water utilities and telecom. The biggest losers for the day could be found in coal, steel, precious metals, basic materials, financials, banks, and energy stocks.

There are no changes in today’s trend analysis table. The short-term trend for the DIA, SPY, QQQQ and IWM all remain down. The QQQQ is the only index that is flashing a primary uptrend, but it is also losing its momentum.

Below is Monday’s market summary, market conditon and trend analysis, and support and resistance tables:

Market Summary

The DIA closed down -2.33% @ $83.32 and $1.45 below its high and $0.00 above its low on volume -23.33% below its average volume. Daily PMI* is @ 0.00.

The SPY closed down -3.00% @ 89.28 and $1.91 below its high and $0.03 above its low on volume +3.51% above its average volume . Daily PMI* is @ 1.55.

The QQQQ closed down -2.99% @ 35.08 and $1.08 below its high and $0.06 above its low on volume -5.86% below its average volume. Daily PMI* is @ 5.26.

The IWM closed down -3.55% @ 49.49 and $1.90 below its high and $0.09 above its low on volume +4.52% above its average volume. Daily PMI* is @ 4.52.

(*PMI measures and indicates strength of the underylying security’s trading range on a scale of 1-100.)

Market Condition and Trend Analysis

Technical Support & Resistance Levels for Tuesday, June-23-2009

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