Major U.S. indices were poised to end the week on a higher note,
as of mid-day trading on Friday afternoon. While crude oil prices have
weighed on the market in recent weeks, the Federal Reserve helped boost
equities this week by saying that they wouldn't be too eager to raise
interest rates. Favorable economic data across the board didn't hurt
either, helping equities recover their losses and confirming that the
economy remains on track despite foreign weakness.
International markets moved largely higher over the past week, as of mid-day trading on Friday afternoon. Japan's Nikkei 225 rose 1.4%; Germany's DAX 30 rose 2%; and, Britain's FTSE 100
rose 4.02%. In Europe, the Eurozone economy continues to show signs of
growth even as France and Germany registered weakness. In China, home
prices fell for a third straight month, which led to concerns that the
world's largest economy could further slow down.
SPDR S&P 500 (SPY)
SPDR Dow Jones Industrial Average (DIA)
The SPDR Dow Jones Industrial Average (DIA) ETF rose 2.58%, as of
mid-day trading on Friday afternoon. After moving below its 50-day
moving average at 172.42, the index rebounded above its pivot point at
175.89. Traders should watch for a move to R1 resistance at 180.13 or a
move back down to the pivot point. Looking at technical indicators, the
RSI appears neutral at 57.29 while the MACD could be gearing up for a bullish crossover in the near-term.
PowerShares QQQ (QQQ)
The PowerShares QQQ (QQQ)
ETF rose 1.58%, as of mid-day trading on Friday afternoon. After moving
down to support at around 100.00, the index rebounded to its pivot
point at 103.92. Traders should watch for a breakout higher to its R1
and trend line resistance at 107.55 or a move back down to S1 support at
101.99. Looking at technical indicators, the RSI appears neutral at
56.47 while the MACD appears as if it may experience a bullish
crossover.
iShares Russell 2000 (IWM)
The iShares Russell 2000 (IWM)
ETF rose 3.48%, as of mid-day trading on Friday afternoon. After
falling to its 50-day moving average at 114.42, the index rebounded to
its R1 resistance at 118.86. Traders should watch for a breakout from
these levels to R2 resistance at 121.02 or a move back down to its pivot
point at 116.61. Looking at technical indicators, the RSI appears
relatively neutral at 58.38 while the MACD appears to be crossing over
into bullish territory.
Source:Investopedia
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