PowerShares QQQ Trust Series 1 ( QQQ) ($78.37) is above its 50-day SMA at $76.06 with the 200-day SMA at $70.80 and set a multi-year high at $78.72 on Monday. The weekly chart is positive but overbought with the five-week MMA at $76.52. My quarterly value level is $73.00 with monthly and weekly pivots at $78.18 and $78.63 with semiannual risky levels at $79.76 and $80.87.
SPDR S&P 500 ETF Trust ( SPY) ($171.07) is above its 50-day SMA at $167.69 with the 200-day SMA at $157.92 and new all time high at $171.24 set on Monday. The weekly chart shifts to positive with a weekly close above its five-week MMA at $167.56. My weekly value level is $166.42 with a semiannual risky level at $174.10. At the time of publication the author held no positions in any of the stocks mentioned.Follow @SuttmeierThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.