Stock Market Indexes and ETFs: Orderly Rally on Low Volume

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SPY Nice orderly rally today. Gapped higher, held R1 and took off on an opening range breakout. Volume super light-a concern for the rally sustainability in the long run, but for now, looks like resistance at 125.50 and then 127. A break beneath 120 would make this rally more suspect. But the real test is if the gap from today's higher open stays intact.

DIA  Back last March when the market broke, the low of that move was 115.51. The high from the rally a few weeks ago was 115.46. That is now a key area to break in order to see a test of the overhead moving averages at 118.50. As with SPY, the gap up today should hold if this rally is to continue with such low volume.

QQQ Wrote on Sunday, "If QQQ gaps higher it will be compelling to follow that to its next resistance at 55.00." Today's high was 54.67. Now, 54.00 is a decent pivotal are to watch for a hold or failure. And again, the gap up today should hold for the rally to sustain.

IWM Gapped open above the 70.25 level.  The weakest index had the highest percentage gain. Moving average resistance at 76.45. Will look for today's low to hold.

ETFs:

GLD Exited on the break of the 5 minute opening range and the FTP. I would not lose track of GLD however, since today was an inside day. Can follow the range break up or down. Down next support at last week's low. Up and has to clear 176.40.

SLV Inside day. 40.20 now some resistance and support at 38.06.

USO DOJI day with 33.96 now pivotal. If holds could see 34.65 next. A break and expect another test of 33.30.

SMH  Broke the range with 30.00 next resistance. 28.75 level now the support to hold.

IBB After the Bullish engulfing pattern, looks like it is on its way to rally to 98.00 if market stays strong. 93.60 now support to hold.

XRT Broke the range over 48.00. Next resistance at the 200 DMA. 48.00 now support to hold.

XLF High today 13.32. Last week's high 13.33. Through there could see a big move to 15.50 area. 13.00 now the support to hold.

TLT Still holding last week's low at 106.15. 108.50 now overhead resistance. Under today's low, look for a test of 106.15.

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