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3 Key Price Levels The NASDAQ 100, Russell 2000, And Bitcoin Need To Clear

By Michele SchneiderStock MarketsFeb 01, 2022 11:09PM ET

www.investing.com/analysis/3-key-price-levels-the-nasdaq-100-russell-2000-and-bitcoin-need-to-clear-200616743

By Michele Schneider | Feb 01, 2022 11:09PM ET

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The stock market has rallied right into resistance along with Bitcoin teetering at its 39k price level.

However, the market is holding its current trading area and though we are at a pivotal point, Wednesday could have another push higher if key levels are cleared.

With that said, which price levels should we watch to clear in the NASDAQ 100 (Invesco QQQ Trust (NASDAQ:QQQ), Russell 2000 (iShares Russell 2000 ETF (NYSE:IWM), and Bitcoin if the market is going to continue upwards?

BTC And IWM-Daily Chart

Looking at the above chart, the NASDAQ 100 is sitting just under its 200-DMA at $366. On the other hand, IWM is sitting near the high of 1/26 at $203.55.

We are watching these two indices as the QQQ represents the big-cap tech area while the Russell shows the small-cap index.

With interest rate hikes looming and increasing inflation, watching each to clear key resistance levels can be used as a short-term buying indicator.

Therefore, watch for both indices to clear nearby resistance areas before looking for the next quick upwards.

Along with the recent market correction, Bitcoin has pulled back and has been working its way back towards the 39k price area. With that said, if Bitcoin can clear the 40k area, watch for reversal trades within the crypto space.

Amplify Transformational Data Sharing ETF (NYSE:BLOK) and Hut 8 Mining (NASDAQ:HUT) are two interesting companies we have been watching that are poised to move higher if Bitcoin can clear 40k.

ETF Summary

S&P 500 (SPY) Back in a cautionary phase with the second close over the 200-DMA at 452.95.
Russell 2000 (IWM) 203.55 to clear.
Dow (DIA) 355.29 to clear next.
NASDAQ (QQQ) 366 to clear.
KRE (Regional Banks) Needs another close over 72.29.
SMH (Semiconductors) Needs to stay over 270.
IYT (Transportation) Large move from positive United Parcel Service (NYSE:UPS) earnings.
IBB (Biotechnology) Watch to hold over the 10-DMA at 129.26.
XRT (Retail) 82.29 to hold over.
Junk Bonds (JNK) 104.43 support.
SLV (Silver) 20.35 next support area.
USO (US Oil Fund) 58 support with minor support from the 10-DMA at 61.41.
TLT (iShares 20+ Year) 140 support.
DBA (Agriculture) Watch to hold over 20.37.

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Gervais Christopher Feb 02, 2022 2:33PM ET

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1D1W1M6M1Y5YMax

US 30	33,087.2	+25.6	+0.08%
US 500	4,223.9	+2.9	+0.07%
Dow Jones	33,061.57	+153.30	+0.47%
S&P 500	4,221.02	+41.19	+0.99%
Nasdaq	13,100.98	+165.70	+1.28%
S&P 500 VIX	15.65	-2.29	-12.76%
Dollar Index	103.485	-0.760	-0.73%

Crude Oil WTI	70.07	-0.03	-0.04%
Brent Oil	74.32	+1.72	+2.37%
Natural Gas	2.165	+0.002	+0.09%
Gold	1,993.85	-1.65	-0.08%
Silver	23.968	-0.019	-0.08%
Copper	3.7097	-0.0028	-0.08%
US Soybeans	1,327.00	+27.00	+2.08%

U.S. 10Y	3.606	-0.002	-0.04%
U.S. 30Y	3.827	-0.007	-0.19%
U.S. 5Y	3.703	+0.002	+0.05%
U.S. 3M	5.388	0.003	0.05%
US 10Y T-Note	114.72	-0.02	-0.01%
Euro Bund	136.33	+0.30	+0.22%
10-2 Yield Spread	-76.44	+0.37	+-0.48%

Apple	180.09	+2.84	+1.60%
Alphabet A	123.72	+0.85	+0.69%
Tesla	207.52	+3.59	+1.76%
Amazon.com	122.77	+2.19	+1.82%
Netflix	403.13	+7.90	+2.00%
Meta Platforms	272.61	+7.89	+2.98%
Bank of America	27.78	+0.21	+0.76%

	Interest Rates	Next Meeting
FED	5.25%	Jun 14, 2023
ECB	3.75%	Jun 15, 2023
BOE	4.50%	Jun 22, 2023
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RBA	3.85%	Jun 06, 2023
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RBI	6.50%	Jun 08, 2023
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3 Key Price Levels The NASDAQ 100, Russell 2000, And Bitcoin Need To Clear

ETF Summary

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