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The SPDR S&P 500 ETF (NYSEARCA:SPY) is pushing through a double top from last week at $141.86, +1.14 (+0.81%). This is a new 52 week high, a level not seen since 2008 in the markets. Today was expected to be a standard float higher in the markets. This was based on the first day in the second quarter 2012. Generally, during a bull market, the first day of a new quarter will see some solid money flow into stocks.

The move higher in the markets is being driven by the dollar. As the Dollar drops intra day, the markets move higher. This inverse relationship has been in play for years now. Last Monday, the markets had the same type rally on hot air from Ben Bernanke. They then sold off over the next two days to negate that move. It will be interesting to see if this happens again this week.

Apple Inc. (NASDAQ:AAPL) is leading the markets higher today, trading at $613.75, +14.20 (+2.37%). This stock is seeing new money flow as well, due to the new quarter. Watch the all time high of Apple as a major resistance point at $621.45.

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Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

HSBC PMI = contraction   VS  Chinese government PMI = expansion 

WHO DO YOU BELIEVE ? 

This market is cooked folks...........stockmarket Indexes are just pawns on a chess board !! 

http://www.tradingfloor.com/posts/china-pmis---divergence-and-manipulation-1418600052

The markets are down once again, falling for the third day in a row. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $139.28, -1.15 (-0.82%). This recent rally has been a monster, blasting the SPY from $120.00 in December to the recent 52 week high of $141.83. The move has seen little to no down days and has even pushed the retail investor into full on bullish mode.

While the pull back is solid today, the daily S&P 500 20 moving average is getting tagged. That level must get broken for the markets to fall further. Any break of the daily 20 moving average, would see the markets dump to the $136.50 level on the SPY.

While Apple and JPMorgan are selling today, stocks like International Business Machines Corp. (NYSE:IBM), Amazon.com, Inc. (NASDAQ:AMZN) and Intel Corporation (NASDAQ:INTC)  are slightly higher. These are the only green in an otherwise very red market.

Take the seven day free trial to the Research Center and Intra Day Stock Chat. Join the elite pros as they analyze and swing trade the markets. Learn proprietary methods and profit on every move up or down in the market. Join now and become part of the 1%.

Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com