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The SPDR S&P 500 (ARCA:SPY) ETF rose 0.52% this week, as of early trading on Fridaymorning. After moving past its R1 resistance at 172.88, the index reached its upper trend line at around 176.00, below its R2 resistance at 177.74. Traders should watch for a breakout from these levels to the R2 resistance or a move back down to the R1 resistance next week. Looking at technical indicators, the RSI appears overbought at 66.60, suggesting possible profit taking, but the MACD remains firmly in a bullish up-trend that just barely appears to be moderating.
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PowerShares QQQ (NASDAQ: QQQ)
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The PowerShares QQQ (NASDAQ:QQQ) ETF rose 0.95% this week, as of early trading on Fridaymorning. After jumping past its upper trend line at around 81.50, the index passed through R2 resistance at 82.14 to reach new all-time highs. Traders should watch for an extended rally towards the 90.00 mark or a retracement back to the R2 resistance to consolidate. Looking at technical indicators, the RSI appears overbought at 70.59 and poised for some consolidation, although the MACD continues to show a bullish trend firmly in place. |
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SPDR Dow Jones Industrial Average(ARCA: DIA)
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The SPDR Dow Jones Industrial Average(ARCA:DIA) ETF rose 0.83% this week, as of early trading on Friday morning. After extending its rally higher this week, the index lies just below R1 resistance at 155.89 and above its pivot point and 50-day moving average at around 151.25. Traders will be watching for a move past the R1 resistance to the upper trend line at around 158.00 on the upside or some consolidation above the support levels. Looking at technical indicators, the RSI appears only modestly overbought and the MCAD remains in an uptrend.
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iShares Russell 2000 Index (ARCA: IWM)
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The iShares Russell 2000 Index (ARCA:IWM) ETF rose 0.28% this week, as of early trading on Friday morning. After moving past its R1 resistance at 109.44, the index is trading just below its upper trend line and R2 resistance at 112.27. Traders should watch for a breakout from these levels to set new highs or some consolidation within this channel. Looking at technical indicators, the RSI is modestly overbought with a reading of 66.04, while the MACD remains firmly in a bullish uptrend since the middle of this month. |
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10/27/2013 postreply
09:36:39
