The stock market pullback found support on Monday as buyers swooped in.
Is this simply a reprieve in the midst of a bigger pullback… or is the pullback over?
Let’s review key price levels on the major stock market index ETFs:
S&P 500 (SPY) 286.50 support to hold (or we will see 283 next) with a move back over 289.50 better. I’d like to see this move up tomorrow as this rally was pretty shallow.
Russell 2000 (IWM) 170 big support to hold, and now, if has anything, it must clear/close over 172.
Dow Jones Industrials (DIA) Closed right on 259, the pivotal support to hold
Nasdaq (QQQ) Inside day today. 179.90 the 50 DMA to hold and now, over 182.67 at least will clear the outside day and keep this in the game.
Regional Banks (KRE) Like to see this continue to hold 62.45 and clear 64.00
Semiconductors (SMH) Unconfirmed bullish phase. Has to hold 106.15 on a closing basis to confirm the bullish phase or under 105.50 trouble.
Transportation (IYT) New all-time high today. That makes 206.90 the old high pivotal support
Biotechnology (IBB) 115-116 next area of support and 120 now becomes the pivotal resistance
Retail (XRT) 50.44 is the 50 DMA. Over 52.00 could see 60.00
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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.
