Markets once again held above key levels of support and the trends remain “innocent until proven guilty.” The video below reviews trends and looks forward to potential scenarios for the week ahead in $SPY $QQQ $IWM $XLF $SMH $AAPL
The $SPY remains above the rising 5DMA and is still in an uptrend but has gotten extended in the short term, a pullback down towards that 5DMA ~14850 would not come as a surprise in the next day or two.
$QQQ Weakness in shares of $AAPL have pulled the Nasda 1000 back into the range of the last 3 weeks. 66.25 is key support which we will want to hold.
The $IWM has been the leader and it appears it may be due for a pullback. The more important level we will want to see hold int he coming week is ~8780-8800
$XLF still shows a pattern of higher highs and higher lows but a pullback seems likely. Prior resistance ~1715 is where we would like to see initial support found.