Support and Resistance Levels to Watch for Thursday’s Trading Session

February 9, 2022

Mish's Daily

By Mish Schneider


Written by Forrest Crist-Ruiz

Two of the major indices including the Russell 2000 (IWM) and the Dow Jones (DIA) have cleared key resistance levels, however, the S&P 500 (SPY) and the Nasdaq 100 (QQQ) have yet to clear recent highs or major moving averages.

Although Wednesday’s price action looks hopeful, we should always be looking for the next area to clear or hold just in case we need to revise our trade plans.

Many traders bought into Wednesday’s trading session once they saw resistance was cleared in IWM and DIA.

Now, the same traders should expect these prior resistance levels to hold as support and watch for follow-through from the QQQ and SPY clearing their resistance levels as seen in the above chart.

Because the market has been more sporadic in movement, watching minor support/resistance areas can help us time new entries.

For many, trading has common emotional pitfalls relating to greed and missing out when the action looks good.

Finding ways to add rules through specific and important price levels in the market is one of the best ways to deal with common trader emotions and keep yourself levelheaded when things quickly begin to move up or fall apart.

Therefore, in the above chart, we can see all the key price levels we are watching in the short-term to not only hold but also to clear going forward.

Use these levels to time the stock market along with price levels in personal trades to improve short-term trading performance.


Follow Mish on Twitter @marketminute for stock picks and more!

Follow Mish on Instagram (mishschneider) for daily morning videos!

To see updated media clips, click here.

Get your copy of "Plant Your Money Tree: A Guide to Growing Your Wealth"
and a special bonus here

 ETF Summary

S&P 500 (SPY) 459.89 50-DMA to clear.

Russell 2000 (IWM) 203.90 new support to hold.

Dow (DIA) 355.14 to hold as new support.

Nasdaq (QQQ) 366.68 the 200-DMA to clear and hold over.

KRE (Regional Banks) 72.30 new support.

SMH (Semiconductors) 284 new support to hold.

IYT (Transportation) 269 support.

IBB (Biotechnology) 134.32 to hold.

XRT (Retail) 83.14 resistance.

Junk Bonds (JNK) Filled gap. Could not hold it. Watching to get back over. 105.02.

SLV (Silver) 21.09 the 50-DMA support.

USO (US Oil Fund) Continues to hold over the 10-DMA as minor support area.

TLT (iShares 20+ Year Bonds) Watching to find next support level.

DBA (Agriculture) 20.37 support.

Improve Your Returns With 'Mish's Daily'

Michele'Mish' Schneider

Every day you'll be prepared to trade with:

  • Unique insight into the health and future trends in markets
  • Key trading levels for major ETFs
  • The 'Modern Family' advantage
  • Actionable trading ideas in stocks and ETFs across all asset classes
Subscribe Now!