Markets Ahead of Fed

Markets may be waiting on word from the Fed, but it is difficult to imagine strong enough words to turn the tide for equities. The charts below look at some of the key levels.

$SPY broke important support and now we will have to see 142.50-143.00 retaken for the intermediate term trend to turn from “guilty til proven innocent” to a more neutral tone.

$QQQ has failed to find any support at the potential levels I outlined yesterday and as such, there is no reason to be long, even getting back above 66.00 isn’t much reason to celebrate as prior support near 66.50 is an area of likely resistance.

$IWM the important level of 82.00 failed to hold and resistance has formed in there as well.

$SMH the semiconductors continue to make a pattern of lower highs and lower lows.

click charts to enlarge