Joe Cusick Analysis: Key Levels for Equities and Macro Markets

Joe Cusick talks about how the trends are up and three of risk indicators are all positive.

Author:: Options Profits Team
Publish date:: Dec 10, 2014 2:23 PM EST

In today's Traders Exclusive update, Joe Cusick comments on the state of the markets where the trend in equities is still up with breadth remaining positive. Yesterday, the SPY S&P 500 ETF bounced off key support between 203-204, an area that traders will keep their eyes on over the next few days. On the Nasdaq QQQ index, the 102-103 area acted as key support and will be the level to watch. The IWM has led the bounce back, and bulls will be looking for a breakout to new highs. The TLT treasury ETF remains in an uptrend, with 120 being a major support level. The dollar is exceedingly strong, with UUP maintaining support around 23.20. Oil has been hammered the last few weeks, and traders are watching price action between 60-65 for signs of a bounce. Finally, gold has broken through a downtrend resistance line and the 114 level is a key area of support.