Hi Shoppers,

WOW! WHAT A RALLY!!

I know I was bullish back on the week of July 18, during our Trade Fest II.

Then I sent you new charts of where the support and resistance levels were on Aug. 7.

In that write up, I said the market was at a crossroads and needed to move out of that trading range for us to know where we were going next.

Well, the market has made its move – and then some!

I was actually looking for a bit of a pullback on Friday.

It didn’t happen.

The S&P 500 (Ticker: SPX) is up 17.6% since its recent low on June 17.

The Invesco QQQ Trust (Ticker: QQQ) made its recent low on June 16 and is up 22.8% since then.

And finally, the IShares Russell 2000 (Ticker: IWM) is up 23% since June 16.

Let’s take a fresh look at the charts of these major indexes.

Here Are My Support and Resistance Levels Now

SPDR S&P 500 (Ticker: SPX):

My first resistance level is right around where we closed on Friday, which goes back to last September/October.

After that, the 200-day moving average may supply some resistance, and that is at $4327.

From there it is the big number 4500. As you know, the market does like to gravitate towards those nice round numbers.

Support can be found at that old resistance level, remember old resistance is new support, which is at 4174.

The SPDR S&P 500 (Ticker: SPY) has resistance right around Friday’s close:

From there, the 200 dma is 431.84, and above that I have 436.50.

SPY support is 417. 

The Invesco QQQ Trust (Ticker: QQQ) closed a smidge above resistance on Friday, and its 200 dma comes in at 342.50.

My next level of resistance above that is 349 and support 313.

The iShares Russell 2000 (Ticker: IWM) actually closed above its 200 dma on Friday:

My next level of resistance is at 212 and support down at 192.

I hope these help guide you in your trading decisions.

If you have questions, shoot me an email or comment below!

The markets are providing lots of trading opportunities.

Good luck out there!

Thanks for Reading … See You Next Tuesday.

Licia Leslie