Last Thursday the ‘s SPDR® S&P 500 (NYSE:) and the ‘s Invesco QQQ Trust (NASDAQ:) tested new highs and then gapped lower on Friday showing that the market still had some overhead resistance.

Driving reasons could be related to fears of raising as the U.S. pushes to take on more debt, to caution from pending earnings as Monday starts another round of incoming reports.

Additionally, the ‘s iShares Russell 2000 ETF (NYSE:) pulled off and could be looking for another revisit of its 50-Day moving average at $223.28.

IWM-DIA-QQQ-SPY Charts

With that said, we can also factor in the major indices’ current price range.

In the above charts, each has a range created by their recent highs, lows, or in the case of IWM, support from 50-DMA.

This can give us clear support and resistance levels to reference and trade-off this week.

Also, when it comes to using these price levels to determine a potential breakout or breakdown in the market it can help to watch if the indices are pushing through the price levels at the same time.

This can help with fake breakouts or breakdowns like we saw last week in SPY and the QQQs.

ETF Summary

  • S&P 500 (SPY) 10-DMA at 416.24 pivotal.
  • Russell 2000 (IWM) Next support the 50-DMA at 223.26.
  • () 336.75 support.
  • NASDAQ (QQQ) 333.97 support.
  •  (Regional Banks) Support 67.22.
  • (Semiconductors) 242.29 support the 50-DMA.
  • (Transportation) Closest support the 10-DMA at 265.98.
  • (Biotechnology) 153.51 pivotal.
  • (Retail) Like this to hold over the 10-DMA at 92.41.
  • Volatility Index () Closed over the 10-DMA at 40.00.
  • Junk Bonds () Like to see this hold over 109.08.
  • (Utilities) Back over the 10-DMA at 66.54.
  • (Silver)  24.01 pivotal.
  • (Small Cap Growth ETF) Next support 280 area.
  • (US Gas Fund) Doji day.
  • (iShares 20+ Year Treasuries) Flirting with the 50-DMA at 138.45.
  • (Dollar) Large range day back over the 10-DMA at 90.98.
  • (Alternative Harvest ETF) Like to see this stay over the 10-DMA at 21.12.
  • (Lithium) Holding the 10-DMA at 62.85.
  • (Oil and Gas Exploration) Could not hold over the 50-DMA at 81.88.
  • (Agriculture) Bounced off the 10-DMA at 18.16.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here