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Ok it looks like we got our brief pullback, and WOW! Now we’re off to the races.
The SPY gapped up today to 114.85 and continued to rally for most of the day closing at 116.04 up 2.29, +2.01% on the day. The SPY broke through last weeks high at 115.79 and is looking good here with very little upside resistance. The next resistance area is: 117.50 - 118.25, with the nearest support at 115.00 area. SPY and most of the markets are looking to continue this uptrend with this strong move today.
Looking at a daily chart of the QQQQ today it also gapped up today to 49.04 and traded higher to close (49.66 +1.18, +2.43% ) near last weeks highs. It jumped off the 20MA and is trading above the 20MA, 50MA and its 200MA, with the next upside resistance at 50.50 and nearest downside support at 48.50 area. But it needs to get passed last weeks highs of 49.84 witch it looks like it will do soon.
AAPL also gapped up today to 282.36 and continued higher to close at 289.41 +10.30, +3.70% on the day. AAPL also looked like it jumped off of its 20MA taking out its 2 prior trading days of losses, and is now trading above its 20MA, 50MA and its 200MA, with the next upside resistance at 293.89 and nearest downside support at 279.00 area.
AAPL looks like it will continue its uptrend as well.
The markets are looking to continue this Bullish trend. Remember to buy the dips and sell the rips. Happy trading!
Market Report: October 5, 2010 -- 8:40 PM ET
Moving the Market
Stocks push past near-term resistance in high volume
ISM Service Index for September proves better than expected
Australia's reserve bank keeps rates unchanged, but Japan's central bank lowers target rate and plans bond repurchases
Dollar drops to eight-month low amid speculation of further quantitative easing
auto parts and equipment; diversified metals and miners; home entertainment software; photo products; commercial printing; hotels; construction and engineering; building products; employment services; hotels
diversified supplies services
16:30 ET Dow +193.45 at 10944.72, Nasdaq +55.31 at 2399.83, S&P +23.72 at 1160.75
[BRIEFING.COM] Stocks set fresh four-month highs as buyers provided broad support amid a steep drop by the dollar, which was sunk by speculation of further quantitative easing.
Participants first appeared uninspired by news that Australia s reserve bank left its cash rate unchanged at 4.5% after a series of rate hikes and that Japan s central bank cut its key interest rate to near zero. However, Japan s plans for a 5 trillion yen fund to purchase bonds and other asset backed securities forged the idea that the U.S. may also have in place plans for further quantitative easing.
Such a prospect weighed heavily on the dollar, which dropped 0.8% to a new eight-month low, but spurred higher almost 98% of the names in the S&P 500. The broad index settled at its best level since May.
The stock market s move to that mark was gradual. It had hesitated near key resistance levels, but got some additional support after the release of the September ISM Service Index. The Index came in at 53.2, up from the prior month and above the 51.8 that had been widely expected among economists polled by Briefing.com.
The materials sector benefited the most from this session s buying. It rallied 2.8% for its best single session advance in one month. Support for natural resource plays and basic materials stocks was augmented by a jump in commodities, which sent the CRB Commodity Index up 1.6%. Precious metals outshined as the continuous gold contract climbed close to 2% to set a new all-time high of $1340.60 per ounce and the continuous silver contract spiked more than 3% to a fresh 30-year high at $22.92 per ounce.
Adding to the impressiveness of this session s strength was robust share volume. More than 1.2 billion shares traded hands this session. That s close to what was traded during the portfolio rebalancing and window dressing at the end of the third quarter.
Advancing Sectors: Materials (+2.8%), Industrials (+2.7%), Financials (+2.4%), Tech (+2.3%), Energy (+2.3%), Consumer Discretionary (+2.1%), Health Care (+1.8%), Telecom (+1.7%), Utilities (+1.1%), Consumer Staples (+1.1%)
Declining Sectors: (None)
Nasdaq +55.31 at 2399.83... S&P Midcap 400 +2.1... NYSE Adv/Dec 2448/561... Nasdaq Adv/Dec 2146/491.
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