Market Thoughts for SPY, QQQ, IWM, XLF 4/9/13

$SPY- held above the key level of 15325-15350 and surprised many (including myself) to rally up to new highs. Short term it is extended and 15550-15600 looks like it should be support. More proof that the benefit of doubt goes to buyers when market is above rising 50 DMA and holds important support levels.

$QQQ – this market has been a choppy mess all year. The recent weakness held the 61.8% retracement of the year range. It also flirted with eh YTD volume weighted average price. Tough to say what is next here, good ETF to avoid trading.

$IWM – broke important support at 9300 and now the 9300-9325 area is potential resistance. This market should be treated with caution until it can definitively recapture 9325. Closing above 9325 would likely get some shorts to panic. Notice how the pullback found support near the YTD trendline, VWAP and 50% retracement.

$XLF – broke below important support of 1805 and tested the rising 50 DMA (not shown) as well as the 38.2% retracement of the YTD range. Short term this market is a little stretched and a test of 1805 wouldn’t be a bad thing. Longer term, the rising 50 DMA says “innocent until proven guilty/”

1etfApr092013