The Market Direction…

>>>Market Condition Analysis>>> May’s existing home sales came in slightly ahead of the previously reported month and the Treasury auction went smoothly. Yet, with the market awaiting tomorrow’s FOMC statement and interest rate policy decision, neither was enough to change the trajectory of the market. Today’s trading session was slightly choppy and the close was relatively flat.

Positive industry breadth favored yesterday’s oversold coal, precious metals, gold mining, steel, autos, and basic materials stocks. Telecom also represented some of Tuesday’s winners. Lagging the market today were defense, retail, consumer services, utilities, and home construction industries.

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 Tuesday’s market summary, market conditon and trend analysis, and support and resistance tables:

Market Summary

The DIA closed down -0.17% @ $83.18 and $0.53 below its high and $0.33 above its low on volume -41.16% below its average volume. Daily PMI* is @ 38.37.

The SPY closed down +0.08% @ 89.35 and $0.53 below its high and $0.50 above its low on volume -25.23% below its average volume . Daily PMI* is @ 48.54.

The QQQQ closed down -0.23% @ 35.00 and $0.25 below its high and $0.24 above its low on volume -16.55% below its average volume. Daily PMI* is @ 48.98.

The IWM closed down -0.81% @ 49.09 and $0.85 below its high and $0.07 above its low on volume -25.63% below its average volume. Daily PMI* is @ 7.61.

(*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 Wednesday, June-24-2009

(Please click here to see graphs in original format and better visual interpretation of today’s results.)

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