StockTock.com 9/12/08 ~ Stock Market Technical Analysis

StockTock.com does not discuss the latest developments with Lehman (LEH), Washington Mutual (WM), or American International Group (AIG). The news/rumor-driven nature of the market this week can be a treacherous distraction to traders. Rather than study the possible scenarios and speculate on the market's reaction to them, StockTock would rather take a step back and look at some long-term charts to filter out the noise of this volatile market. We look at important support and resistance levels for the S&P (SPY), the US dollar (UUP, DXY), oil (USO), technology (QQQQ), Apple (AAPL), Research in Motion (RIMM), Google (GOOG), banks (KBX), financials (XLF), Goldman Sachs (GS), real estate (IYR), American Express (AXP), homebuilders (XHB), retailers (XRT), small caps (IWM), and Potash (POT). Next week should be very volatile. Hurricane Ike is gaining strength in the Gulf of Mexico, there is a Fed meeting on Tuesday, and Friday is options expiration.