Investors took a breather today from the recent buying frenzy.
Let’s review key price levels on the major stock market index ETFs (no additional commentary tonight):
S&P 500 (SPY): Working off the runaway gap. 289.37 is a good spot to hold. If does, do I hear 300? If not, looking at 287.75 next, which would hold the gap. Worst case you do not want to see-a gap from current levels to below 288.68 that does not get filled.
Russell 2000 (IWM): 172.94 the latest all-time high to clear. 171 big support
Dow (DIA): 259.25 the low of the runaway gap day. We do not want to see this below 257.76
Nasdaq (QQQ): 184 closest support number with its runaway gap. 195 could be some resistance if holds
KRE (Regional Banks): Like to see this hold 62.47
SMH (Semiconductors): 110 resistance and 108 nearest support
IYT (Transportation): Broke the fast-moving average and is either going to hold and get back above 205.25, or fail 202 and then 200, which could mean a double top.
IBB (Biotechnology): Hello happy speculators-until they are not. 120 support to hold
XRT (Retail): 51 down to 50.25 area is the must-hold support. Back over 52 will be impressive
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Twitter: @marketminute
The authors 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.
