By Gareth Soloway on July 22nd, 2010 12:41pm Eastern Time
The SPDR S&P 500 ETF (NYSE:SPY) ran up under the master $110.00 resistance level and pulled back. This $110.00 level was the key level we ran into a week ago and could not break through. Watch this level closely.
Market leader Goldman Sachs Group, Inc. (NYSE:GS) was sharply higher this morning, trading at $149.88. It has now fallen and turned slightly negative on the day, trading at $146.85. This level happens to be the 200 moving average and major support intra day.
Commodities and commodity stocks continue to have great days. Chevron Corporation (NYSE:CVX) is sharply higher as is United States Oil Fund LP (ETF) (NYSE:USO). Chevron is trading higher by almost 2% while oil is trading higher by 3%. The commodity rally continues to help the markets stay higher even though Goldman Sachs has fallen back. Other financial stocks are mostly holding their gains.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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