Morning Call Express with Scott Redler and Brittany Umar $SPX $NFLX $AAPL $FB $YELP $LNKD $IBB There are mostly green arrows around the World as Europe and Asia are mostly up small. Nikkei was the outlier up 2.2%, now lets see if the Nikkei starts a new trend. The China ETF (FXI) has been working higher since we outlined the gap to trade against around $35ish. U.S. markets had a solid session as we absorbed the Fed minutes and had many sectors participating. The question now is, can it hold and will we get any upside follow-through? The S&P is flattish with yesterday’s high at 1888, and above that is 1897 then 1902. Support stands at 1881. Anything below this, especially a close, will turn this back into a choppy mess. Next support in that case is 1868. Here are some ETF levels - see if they can hold higher and take out and close above yesterday’s highs. Those are your pivots for navigation today. SPY broke above the pivot resistance of $188.90 on decent volume yesterday. Next resistance comes in at $189.88, then we have the all-time high at $190.42 QQQ outperformed other sectors with a nice gain of almost 1% yesterday. It has cleared most short-term resistance, with some high beta tech stocks waking up on Monday and getting some upside follow-through in the last two sessions. Next intermediate-term resistance to watch stands at $89.70. IWM continued to be the laggard as it had a nice rally on Monday but failed to get upside follow-through. It might need more time to build a base around the 200-day EMA to attract some buyers.
Posted on: Thu, 22 May 2014 12:49:33 +0000
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