Key Levels in Uncertain Market

The charts below are a choppy mess but are becoming somewhat more constructive.
$SPY has broken a key intermediate term level of resistance at 136 and the 5 day moving average (red) is advancing
$QQQ is battling with prior suport near 63.70 and the 5 dma is flattening out
$IWM is also battling an important prior level of support at 80.00 and its 5 dma is now rising
$SMH semiconductors remain a mess, they are getting some bounce today but with a 5 dma and 3050 is an important prior support level which will have to be taken out before the market can be thought of as improving

Overall, uncertainty continues to reign as earnings reports begin to be reported and digested over the next couple of weeks. Always be aware of when the stock you are trading is due to report earnings and check more than one source, they are often conflicting. If it is really important to know the earnings report because of a larger position you may have you can always verify with the investor relations department at most companies.

click chart to enlarge

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