After opening lower, stocks are holding steady to higher at the mid-point of today's session as some selling in Treasuries has helped bring in some needed cash to hold stocks firm.
Intra-day Internals - 12:00 PM ET
The advance/decline lines are much improved from the opening 30-minutes of trade where advancers numbered just 200 the big board, with nearly a match at the NASDAQ.
The NASDAQ-100 (NDX>X) as also depicted by its tracker QQQQ has been notably steady in the first part of today's session, offering encouragement for buyers to hold their ground.
12:00 Market Watch
The DiskDrive Index (DDX) +1.45%, which was an index identified as showing some early signs of bullish leadership in the 12/03/08 Market Wrap continues to offer up some bullish optimism here today, and seems to keep a bid under technology shares.
Semiconductor HOLDRs (SMH) +0.52% continue to impress near-term.
After a strong day yesterday, commodities at the lower end of the U.S. Market Watch show a mixed-to-lower trade, with the energy complex giving back the bulk of yesterday's gains.
I continue to view the November 20th termination benchmark of Nymex December crude oil futures and USO equivalent $39.55 as a key near-term point of resistance.
Yesterday, the USO jolted higher to trade as high as $39.82 for a brief moment, but couldn't quite hold buyers for a close above that level.
Goldman Sachs, which earlier this year predicted oil prices to spike to $200/barrel said today it now expects oil to average $45/barrel in 2009.
At last check, January Crude Oil (cl09f) was off $2.52 at $47.98.
S&P 500 Index (SPX.X) - 60-minute intervals
The prediction for carnage at this morning's open doesn't look to me as if it came true as buyers lurked at trend and SPX's WKLY Pivot. I do think that bulls really don't want to see the SPX.X much below the current upward trend.
I would note the S&P Banks Index (BIX.X) did see trade at its WKLY S1 this morning and came close to identified "overlap" noted in yesterday's intra-day update. That is likely to serve as a CRITICAL support trigger for the markets going forward.
NDX's QRTRLY S2 as noted in Wednesday's Market Wrap in my mind become the MAJOR RESISTANCE point.
That's somewhat of a COLLAR from what I see as the two major indexes traders are focusing on.