Option Investor
Market Updates

Dow Industrials Chart - 60-minute interval.

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With the 50-period MA (thin blue) trending downward, the bulls will want to see some life pumped back into the Dow here. Earlier this morning we warned that a lower Dow could increase selling in the NASDAQ and that's exactly what happened a couple of hours ago. If the Dow begins moving higher from current levels and starts deviating from our downward trending resistance, this could get some market bears back on the buy side and add support to some of the major indexes. Be alert here!

S&P 500 Index Chart - 60-minute interval.

The SPX has bounced back a bit and is once again trading right near our downward trending resistance. Traders will notice we're not actively looking for short candidates at this point. We reviewed some shorts we profiled in the days/weeks prior and some of them are getting whacked to the downside (RDRT especially). We covered some of these for nice profits in the past and they're looking short-term oversold. Shares of CSCO are hanging tough and right now it looks like a 50/50 proposition. With election results still looming, there's more good news than bad news that can probably come at this time, so we're looking for strong stocks near support, just in case a resolution is reached.

-Staff Analyst

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