Up Against Key Levels

Once again, when the market looked its worse, the market gapped higher making it difficult to take full advantage of the range without accepting the unknown risk of holding overnight in a weak environment.  Now the markets have made an intermediate term higher high,it would be best to see a higher low develop above the 5 day moving average.  If a higher low is established the market would be in a better position to challenge, and perhaps overcome, the larger levels of resistance; $SPY ~123.50-124 $QQQ 56.00 $XLF 12.80 $SMH 30.50

click chart to enlarge