Hopefully, you all read last night’s Daily (from July 29) on the Silver NYSEARCA: SLV to Gold NYSEARCA: GLD ratio and were able to take advantage of today’s set up.
If you recall, I wrote,” With the consolidation (SLV), we also see the price line retrace back perfectly to the black line or MA (in the ratio chart).
That is what we call a perfect retracement, or another buy opportunity.”
As the market awaits lots of important stock earnings and the FOMC, below see notable levels to watch, from the S&P 500 ETF (NYSEARCA: SPY) to the NASDAQ 100 ETF (NASDAQ: QQQ).
Good luck tomorrow – Fed day!
S&P 500 (SPY) 302.23 the ATH. 300.00 pivotal. Under 299.50 some trouble.
Russell 2000 (IWM) Clutch day as this could have killed the market. 158.03 has to clear 154.60 has to hold.
Dow Jones Industrial Average (DIA) 273.99 all-time high. 270.50 must hold.
Nasdaq (QQQ) ATH at 195.55. 193.00 now the pivotal support.
KRE (Regional Banks) 56.75 next point of resistance with 54.62 key support.
SMH (Semiconductors) ATH at 123.56. 120.71 now pivotal support. If breaks see 118.70 next.
IYT (Transportation) 195.28-191.25 the range we will watch to see which way it breaks.
IBB (Biotechnology) Unconfirmed recuperation phase. 105.42 the 50-DMA pivotal. 106.50 some resistance. 107 better resistance.
XRT (Retail)43.12 is my number to clear. 42.10 key to hold.
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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.
