Minyanville's T3 Daily Recap: S&P Continues to Digest Recent Volatility

By T3Live.com Nov 21, 2012 4:51 pm

Technology is a bit weaker today, but nothing too potent.

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The tape was a bit testy today. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) made a four-day high but is hard to trust on this light volume. This is a good spot to trim some if you bought on Friday or Monday.

SPY hit a high of $139.52, while bigger resistance is $140.30-140.70. It was trading around $139.21 as of noon EST. Overall this is another digestive type day. With the lack of a Greece deal, and no cease-fire in Israel-Gaza, there could have been damage this morning, but the market shrugged those (non)events off. Some stocks had a pretty big travel range this morning and still need time before moving higher.

Technology is a bit weaker today, but nothing too potent.

Apple (NASDAQ:AAPL) needs time to digest above $554 level. It's tough money right now but if you take a step back it’s acting fine. The $548-550 area is another level underneath yesterday’s low. Friday's low of $540 needs to hold for the stock to maintain any bullish composure.

Google (NASDAQ:GOOG) is a bit weaker today after a downgrade. Baidu (NASDAQ:BIDU), which has been a broken stock for months, is at monthly lows. Amazon (NASDAQ:AMZN) is out of play. Qualcomm’s (NASDAQ:QCOM) pattern is still building. $62.80 is a big area, but it's been hard to find momentum.

Facebook (NASDAQ:FB) held where it had to ($22.50) and is trying to get into a gap that could provide another spark above $24.25. It needs to get above it and stay above it, and so far so good.

Banks are okay but not compelling. Bank of America (NYSE:BAC) is still acting well since the Stifel upgrade Monday.

Metals still seem like they are setting up but silver (NYSEARCA:SLV) really needs to get above $32.20 with some authority. For gold (NYSEARCA:GLD) $168.50 is that key level.

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