Markets Still in Primary Uptrend
Markets are still in primary uptrends but are showing short term reason for caution, below are some levels to keep an eye on.
$SPY tested support near 15400 yesterday, breaking below that level brings about the possibility of a further decline down towards 15300 which is prior resistance and a 50% retracement of the Feb low to last week high.
$QQQ broke below 6840 and dropped to the bottom of the prior range of 6780-6800, this area is also a 38.2% retracement level.
$IWM still holds up very well as prior resistance was tested and held as support near 9365, a break of that level would likely lead to a move down towards 9310
$XLF holds up above the prior important level of 1820. The bigger level of potential support is down near 1795-1800
click charts to enlargen
There is no reason to be looking for a top, it is more prudent to treat this as a pullback in an uptrend until the market tells us otherwise.