S&P 500 Hits 1H Target at 1567, Risk to 1348 by Year's End
Nasdaq 100 Shares (QQQ) ($68.97) traded to its 2013 high at $69.06 on Thursday, well below my semiannual risky level at $78.39. Strength on Thursday was just shy of the weekly risky level at 69.08. We begin the second quarter with tight quarterly and weekly pivots at $68.95 and $68.80 with a monthly risky level at $69.54. My annual value level is $60.27. The weekly chart profile is extremely overbought with the five-week MMA at $68.05 with the Sept 19, 2012 high at $70.58.
S&P 500 Sector SPDR
(SPY) ($156.67) first tested my semiannual risky level at $156.59 on March 14, then set a new year to date high at $156.85 on Thursday. My weekly risky level was tested at $156.78 on Thursday. My quarterly value level is $144.56 with semiannual and monthly pivots at $156.59 and $156.89 with a weekly risky level at $157.23. My annual value level is $134.74. The weekly chart profile is extremely overbought with the five-week MMA at $153.46.
At the time of publication the author had no position in any of the stocks mentioned.
This article was written by an independent contributor, separate from TheStreet's regular news coverage.
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