The SP500 didn’t bother to retest the 1972.56 level before it moved toward the pivot high at 1993.48. It closed just above the pivot high level at 1995.01 with a gain of 17.22 or 0.87%. With today’s close, the index has broken through the ascending triangle as highlighted by the blue dotted line. From this breakout, it could continue to move toward the near term support at 2040.24 or it could pull back to retest the 1972.56 level before it makes the push to 2040.24. The 2040.24 is the key level to watch. If it can move above this level follow by a push above the 2079.11, then the all time high could be back in play. After today’s action, the near term support level has been moved to 1948.04 and the key resistance remains at 2040.24.
SPX - intraday
(click on the chart to enlarge)
SPX - daily
For the SPY, it has moved above the pivot high level of 199.84. It closed at 200.18 with a gain of 1.72 or 0.87%. It has broken through the ascending triangle and setting up for a push to the 204.40 resistance level. A pull back to retest the 197.91 level is still possible. The near term support has been elevated to 195.45 and the 204.40 remains to be the key resistance level.
SPY - intraday
The Nasdaq closed above the 4379.75 resistance level and almost filled the 8/20/2015 price gap. It ended the session at 4383.67 with a gain of 23.39 or 0.54%. The near term potential resistance is the 7/10/15 price gap at 4434.11. After this gap is filled, then the April 2015 high could be the key potential resistance for this index to cross and put the recent multi-year high back in play.
NDX - intraday
NDX - daily
The Russell 2000 had broken out from the ascending triangle and moved to the resistance level at 1175.51. The next potential resistance is at 1200.74 and the near term potential support level is 1154.71, moved up from the 1139.38 level. It closed today at 1175.20, a gain of 9.21 points or 0.79%.
RUT - intraday
RUT - daily
The long anticipated FOMC rate hike decision will finally come at 2:00PM ET tomorrow. Prior to the FOMC announcement, there are some economic reports scheduled for tomorrow that can also move the market. Scheduled to report at 8:30AM ET are the Housing Starts and the Jobless Claims. The Philadelphia Fed Business Outlook Survey is due at 10:00AM ET. After the FOMC announcement, Chairperson Yellen will hold a press conference at 2:30PM ET. Be prepared for some gyration prior to and after the FOMC announcement. Have a great tomorrow and be patient!
