The markets are floating higher after a rocky start. After initially opening higher, the SPDR S&P 500 ETF (NYSE:SPY) inched into the $118.50 level. This level was resistance and coincided with a sell-off that took the SPY down almost a full two dollars. After holding a key support line, the combination of light volume and a European rally helped the markets move back towards theirs highs.
The markets continue to look towards Europe for any indication of calm. They are getting that today. Every move in the U.S. markets has been directly related to European issues of late.
The technical levels are easy to find and fill dictate the next move in the markets. As of now, if you connect the lows of the SPY going back to August 6th, 2011, there is a major trend line. On a closing basis, if the markets stay above this trend line, they can inch higher. If they break below, the markets will collapse. In addition, the upside resistance level to watch is $119.00. This is gap fill from September 8th, 2011.
Gareth Soloway
InTheMoneyStocks.com
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