Hello Traders,

Here are the trading support and resistance points that I consider to be of interest for 2/8/15.

SPY- Currently at 205.55

R1- 206.14 (This level was tested on Friday but failed)

R2- 208.72 (This is the most recent all time high.  If this is broke to the upside there is no overhead resistance)

S1- 203.88 (50 DMA)

S2- 199.45 (Most recent low.  This is just above the last 3 lows near 199)

S3- 196.82 (This is the low in December, and is near the 200DMA)

 

DJX- (1/100th of the Dow)- Currently at 178.24

R1- 179.58 (This level was tested on Friday but failed)

R2- 180.55 (This is near the most recent all time closing high.  If this is broke to the upside there is no overhead resistance)

S1- 176.64 (50 DMA)

S2- 173.11(Recent Mid level low in January)

S3- 171.57 (Recent lower low in January and is very near the 200DMA)

 

QQQ- Currently at 103.13 (This is right at the 50DMA)

R1- 104.26

R2- 105.01

R3- 105.72 (Very recent high.  All three of these resistance points are close together and if this one is broke I would expect a solid move higher)

S1- 100.78

S2- 99.61 (This was a recent buy point to establish this new higher trading range and I would consider very critical to hold)

S3- 97.05 (Very close to the 200 DMA)

 

IWM- Currently trading at 119.81

R1- 121.05  (Recent all time closing high)

S1- 119.21 (This is a long term resistance point that was just below recent all time high made)

S2- 117.98 (Recent buy point that is now support)

S3- 115.58 (Recent low, and is 1.5 points above the 200 DMA)

One thing of note with all of these points.  You will notice that they are all in about a 5% maximum movement range.  This is interesting to me since volatility has been higher, but the support and resistance lines have come in and the moving averages are now very critical parts of the support levels making them very important to hold.  If not we have a very easy path to the longer term lows that are near 10% plus to the downside.  Keep a critical eye on the support levels.  Resistance levels getting broke make it easy to the upside because there really if very little overhead.

Happy Trading!