The bulls surrendered their 4-week streak of gains via some profit-taking last week, shaking things up a bit on the charts.
As we head into a new week of trading, it’s time once again to take a look at the indexes and the key levels they’re dealing with. This will impact how individual names move, so it’s where every new trading week begins.
NAZ – The NAZ lost 1.1% for the week, but more importantly carved out some resistance which should prove very helpful to us going forward.
SP500 – The S&P gave up 1% last week and failed to accelerate out of its channel. It now stands a little over 2% from its intraday high set last week.
RUT – The RUT reached 4-digit territory last week for the first time ever, then quickly sold off to return to the 900’s. This small-cap index was overdue a dip, and we now have some short-term levels to utilize for support and resistance.
DJIA – The DJIA may be carving out a bit of a trading range up here, so we’ll keep an eye on the high and low of last week in case price moves laterally from here.
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Jeff White
