The stock market tested key price resistance and failed.
The stock market then tested key price support and held.
That’s what we call a “trading range”.
Today’s post is brief and simply points out key trading price levels for important stock index and sector ETFs.
We continue to see disparity among the key components.
S&P 500 (SPY) Low volume inside day while SPY holds the 50-DMA at 294.77 Yet, still has to clear 300 to get more convincing.
Russell 2000 (IWM) 2 Inside days. 152.09 the 50-DMA held. 155.50 is the major overhead to clear to get more interesting
Dow Jones Industrial Average (DIA) 2 Inside days. 266-270.70 range to break
Nasdaq (QQQ) Inside day. 189.13 or the 50-DMA pivotal now.
KRE (Regional Banks) Since 52.23 is the wall of support.
SMH (Semiconductors) 116.33 the 50-DMA holding. However, this too must get through the resistance at 121.
IYT (Transportation) 2 Inside days. 186.21 the 50-DMA pivotal. All the inside days spell indecision. Makes sense.
IBB (Biotechnology) 100 pivotal area as this is very weak.
XRT (Retail) 42.40 to clear for starters and 41.15 to hold.
Twitter: @marketminute
The author may have a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
