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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV