June 29, Stock Market Summary

My weekly stock market summary is now available on Investopedia, providing an outlook on the major index ETFs–-SPY, DIA, QQQ and IWM:

June 29, Stock Market Summary

The week ended well for stocks, as the major index ETFs all jumped higher on Friday, June 29. This means the indexes all managed to finish the week above support and are once again pushing at resistance. If the ETFs each break their respective resistance level there is likely to be additional short-covering and buying. The question is, how long can it last? By looking at indicators and price action we can attempt to determine if this is a rally within a longer-term downtrend, or if the current rally will be the start of a new uptrend.

Read more at : http://www.investopedia.com/stock-analysis/cotd/SPY20120629.aspx#ixzz1zDlj30Lc

Cheers,

Cory Mitchell, CMT