• 366 days Will The ECB Continue To Hike Rates?
  • 367 days Forbes: Aramco Remains Largest Company In The Middle East
  • 368 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 768 days Could Crypto Overtake Traditional Investment?
  • 773 days Americans Still Quitting Jobs At Record Pace
  • 775 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 778 days Is The Dollar Too Strong?
  • 778 days Big Tech Disappoints Investors on Earnings Calls
  • 779 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 781 days China Is Quietly Trying To Distance Itself From Russia
  • 781 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 785 days Crypto Investors Won Big In 2021
  • 785 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 786 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 788 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 789 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 792 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 793 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 793 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 795 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Important Levels to Watch

The bulls and bears are duking it out as price breaks out to new cyclical highs. The bulls will tell you those new highs must mean something good, and the bears are watching for signs of a double top. We have all sorts of reasons and explanations, but in the end, the bulls appear to be winning. Prices are above key support levels and the trend is looking up. Personally, I think it is a market top, but price has the final say. And who really cares what I think?

Figure 1 is a weekly chart of the S&P Depository Receipts (symbol: SPY). As long as price remains above the key pivot support level at 140.72, then everything is good. In other words, a weekly close below this level is a double top.

Figure 1. SPY/weekly

Larger Image

Figure 2 is a weekly chart of the PowerShares QQQ Trust Series (symbol: QQQ). The key pivot (or support level) to watch is 67.82. A weekly close below this level is a double top. Otherwise, it is smooth sailing ahead.

Figure 2. QQQ/ weekly

Larger Image

Simplify your decisions. Simplify your life.

 

Back to homepage

Leave a comment

Leave a comment