After pulling back around 3% the S&P 500 (NYSE: SPY) found a slew of buyers which has propelled the markets higher this week. Buyers have been clamoring at the chance to enter at a discount and 3% was enough to get them to bite. Technical traders will be eyeing the possibility of a new downtrend with resistance potentially in the $237 area. Even with this small pullback the SPY still remains positive by over 5% on the year.
The Nasdaq 100 (NASDAQ: QQQ) continues to find itself as the strong leader of the pack. After only one day of a pullback the buyers came rushing into the popular ETF sending it almost back to all time highs once again. The resistance levels talked about are pretty easy to remember as they are the prior highs of $132.43. Up over 11% on the year the Nasdaq 100 continues to show very little signs of weakness.
The sharp rally in Gold (NYSE: GLD) has slowed this week as it has reached the resistance area. Traders have been noting the slowing of the rally as the GLD reached the 200 day moving average along with the prior highs. Although this is technically a resistance area, traders have been hesitant to short here, choosing to pause their buying spree rather than sell off shares.
Finally, after seeing some weakness last week the Dollar (NYSE: UUP) has found a round of buyers this week. The UUP is up over 1.2% this week in a rather sharp move that will leave many technical traders to think that the dollar has found support in the short term. $25.50 marked the low on Monday and the dollar has not looked back since.