SPY, DIA And QQQ Chart Reviews For May 2, 2013
PikerTrader | May 03, 2013 07:21AM ET
SPY rallied almost a full percentage point after it was able to climb above resistance at 158.86, which was broken support from Wednesday. This negated the double-top talk, and proved that pattern to be wrong. The SPY managed to rally to new highs and close above its high at 159.71, closing at 159.75. The close above the highs is bullish, showing market strength. The new resistance for this market is now at the day's high at 159.89. Watch these levels here while SPY broke above it. It wasn’t a clean break and there is resistance close by as SPY barely got above it. Bulls want to follow through if the market is going to keep going higher.
QQQ: Tech rallied strongly today over over a percent closing at new highs for the year. at 71.28 and making a swing high at 71.28. This level marks the new resistance level that the Q’s must get above to continue advancing. There is very little resistance now for the Q’s so the path of resistance is upwards. The Q’s won’t get bearish till a break below 70.21.
DIA: The Dow continues to be the weakest index and is having the most trouble getting above resistance. DIA was stopped around its key resistance level at 147.86. It did get above it but you can see from there chart there is a clear resistance line at this level. Yesterday’s bounced also showed how important support is for DIA at 146.50. If DIA wants to follow the rest of the market it will have to get above 148.11. If it can get above this it could rally to new highs again or at least its swing high.
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