Shares of the SPDR S&P 500 ETF Trust (NYSE: SPY) may be ready to move higher. Shares have broken out of the trading range they have been in over the past week.
The rally in the Invesco QQQ Trust, Series 1 (NASDAQ: QQQ) has stalled out. It may not make a decisive move until Apple Inc. (NASDAQ: AAPL) reports earnings after Thursday's close.
After a brutal meltdown, there is a chance the SPDR S&P 500 ETF Trust (NYSE: SPY) is about to reverse.
The SPY has reached levels that have been support before. If these important levels are support again, a new uptrend may form.
JPMorgan Chase & Co. (NYSE: JPM) last week reported earnings results that were far above estimates. It looked like a blowout, but the stock was slammed and continues to trend lower.
After being stuck in a narrow range, shares Ford Motor Company (NYSE: F) may be breaking out. This could set the stage for another move higher.
There has been a wall of sellers gathered around $24.75. Since Jan. 4, each time the stock reached this level the sellers kept it from moving higher.
After a huge move lower, shares of BridgeBio Pharma, Inc. (NASDAQ: BBIO) looked like they were beginning to recover. But then the stock crashed into a wall of sellers around the $17 level, which has put an end to the rally.
Shares of Ford Motor Company (NYSE: F) have been in a tight trading range. Each time shares dropped to the $19 level over the past two months, there were enough buyers to support the stock. This put a floor under the price.
Since Nov. 5, the $471 level has been resistance for the SPDR S&P 500 ETF Trust (NYSE: SPY). Each time the shares reached that zone, they ran into a wall of sellers. This put a top on the price.
But that may be changing, as SPY appears to be setting up for a potential break out.