continues to stay in its triangle and range once again failing to break above 156.25 and the downtrend of the triangle pattern. Intra-day and short-term SPY is finding support between 155.20 and 155.00. If this level breaks it could be an early warning sign for more bearishness. But really the important level to watch is 156.25, the last three days this level has stopped the market cold in its tracks and what is has done is formed an intra-day ascending triangle pattern with the top of this pattern at 156.25. A break above this level and SPY can go higher with a measured move to 158sh. This would fit with the 7 day up and 2% down historical trend. Of course if SPY breaks below the 155 level this is off and it is a breakdown of the triangle pattern.
- Key Levels to Watch:
- Resistance: 156.65, 154.67
- Support: 154.35, 154.20, 152.90
QQQ:
The Q’s (QQQ) were the bullish of all the indexes closing slightly green. They bounced off its lows 68.52 and near the lows from yesterday and reaching the highs at 68.86 only to fail at those levels as the resistance from 68.86-69.02 remains a tough level to break. The Q’s remain in the tight range and triangle with short-term support at 68.23 and strong resistance at 68.86 and it will remain this way till one breaks. A warning sign to any possible move lower is a break of very short-term support at 68.70.
- Key Levels:
- Resistance: 68.96-69.02
- Support: 68.00, 67.69
DIA:
The Dow (DIA) was the weaker of the indexes close red for the day and failing to get close to its high from yesterday today’s high was at 145.09.DIA won’t get bullish till it gets over the 145.55 level or the all-time high. The hourly chart the Dow looks weaker than the others as well as it looks like it is forming a rounded top and looking to roll over. The hourly also has a clear short-term downtrend that has started since yesterday’s high. A big warning for more downside comes with a break of 144.74. With the Piker Indicator being bearish and this chart looking bearish, be careful with any new longs. 
- Key Levels:
- Resistance: 145.35
- Support: 143.38