The Dow Jones Industrial Average SPDR (ARCA: DIA) rose 1.30% over the past week. After re-testing its upper trend line resistance, the index broke through to new highs. Traders should watch for an ongoing move higher or a retracement to trend line support at around $198.00 or the 50-day moving average at $197.97. Looking at technical indicators, the RSI appears overbought at 71.19, but the MACD could see a bullish crossover.
The PowerShares QQQ Trust (NASDAQ: QQQ) rose 1.47% over the past week. After moving consistently higher over the past several sessions, the index moved towards its upper trend line resistance at around $128.00. Traders should watch for a breakout from these levels or a retracement to its lower trend line support at around $126.50. Looking at technical indicators, the RSI appears overbought at 77.06, while the MACD could see a bearish crossover.
The iShares Russell 2000 Index ETF (ARCA: IWM) rose 1.05% over the past week. After rebounding past its 50-day moving average at $135.39, the index broke out from its upper trend line resistance at $138.00. Traders should watch for an ongoing breakout to new highs or a move lower to its lower trend line resistance at about $133.50. Looking at technical indicators, the RSI appears relatively neutral at 59.82, but the MACD could see a bullish crossover.
Read more: Strong Earnings and Tax Cuts Send Stocks Higher (SPY, DIA) | Investopedia http://www.investopedia.com/stock-analysis/cotd/021017/strong-earnings-and-tax-cuts-send-stocks-higher-spy-dia-spy-dia-iwm-qqq.aspx#ixzz4YJzH36PW
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