OptionsHouse

Options Trading News

September 25, 2012  Tue 12:15 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
U.S. stocks ended lower yesterday after a pre-market drop in Apple weighed on the indexes early.

The company reported initial iPhone 5 sales of 5 million that fell short of controversial estimates by industry analysts, sending shares down more than $15 before the open. Although AAPL cut that loss to less than $10 at the close, the pullback pressured the large-cap indexes all day.

The Nasdaq 100 was hit particularly hard, trading as low as 2832.53 right off the open. The NDX regained some of that ground but still closed lower by 17.66 points, or 0.62 percent, at 2843.98.

The S&P 500 closed lower as well, falling 3.26 points, or 0.22 percent, to 1456.89. The Russell 2000 also declined, shedding 3.75 points, or 0.44 percent, to 851.76.

S&P 500
Resistance is now 1458, followed by 1460, 1461.50, and 1465.
Support is now 1455, followed by 1452.06 (yesterday's low), 1450, and 1448.
Nasdaq 100
Resistance is now 2856, followed by 2860, 2862.52, and 2875.
Support is now 2840, followed by 2832.53 (yesterday's low) 2828, and 2823.50.
Russell 2000
Resistance is now 852, followed by 854.45, 855.90, and 858.90.
Support is now 851, followed by 850, 849, and 847.09 (last week's low).
Share this article with your friends


OptionsHouse

Premium Services

Education & Strategy

Timing the Trade

Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

View more education articles »