By Gareth Soloway on June 15th, 2010 11:50am Eastern Time
The SPDR S&P 500 ETF (NYSE:SPY) is higher today after the late day sell that gave up the gains yesterday. While the markets are strongly higher, they cannot cut through the master resistance level of $110.85 - $111.10. This level is a major point for the markets that incorporates the pivot high from June 3rd, 2010 and the sixty minute 200 moving average. To get through this level, the financial stocks which have been lagging must participate. Up until now, the rally the last four trading days has been commodity based, as the dollar has fallen and the Euro jumped. Stocks like Goldman Sachs Group, Inc. (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) must take the lead. If they can do that, this market has further upside in the short term. Continue to watch for a close over $111.10 on the day. To get exact entries, exits, guidance, education and more, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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