Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Chart Review: SPY, QQQ, DIA

ByPikerTrader
Published 04/17/2013, 02:28 AM
Updated 07/09/2023, 06:31 AM
DIDA
-
DRP
-
SPY:

SPY gapped lower this morning and never looked back, trending lower all day until it bounced off its lows at 154.28. This has been the support we mentioned a few times; it is the middle of this range that SPY has been trending in. The close above this level shows once more how important it is. Short-term SPY is experiencing resistance right at 155.39, as this level capped the rally off the low today. If SPY can get above this, there is a chance for further upside at least to the opening levels from Wednesday around 156.32. We have hit the 3% drop that topically occurs with an overbought Piker Signal, so we need to watch levels to determine if we will get a bounce or more downside until oversold condition occurs.

Below 154.28 is bearish, above 156.32 things get a little bullish and the key level is 153.39.

SPY
QQQ: QQQ were affected by AAPL’s sell off, and unlike SPY the QQQ failed to get above key support at 68.30 (first light blue line). In fact, this level acted as resistance and provides us with a key level to watch. If QQQ can get above this, the bulls might be able to run. The QQQ’s did find support around former lows between 67.64 and 67.34. We still want to remain bearish on the Q’s unless there's a break above 68.30, looking for a move lower back to 67.34.
QQQ
DIA: The Dow continues its trend of being the least bearish of the indices. DIA sold off during Wednesday morning with the market. It formed a double bottom around 145.42, but failed to get any higher than Tuesday's lows and the highs from 4/2, which are all acting as resistance which is the 146.56. Of all the charts, the Dow looks like a normal pullback after a breakout. Things don’t get bearish till it gets below 145.17.
DAI

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.