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Stocks Retreating At Resistance

|Includes:IWM, JJC, QQQ, SPDR S&P 500 Trust ETF (SPY), XLF

This week's sell-off occurs at long term resistance trend lines on a variety of charts. All major U.S. indexes remain above longer term support trendlines, though they have a bit of room to fall before hitting such support.

Here is how I see the S&P (NYSEARCA:SPY), falling from the upper resistance of its rising wedge as the pattern nears its end:

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Nasdaq (NASDAQ:QQQ) is also hitting the upper trend line of its chart. It may be in a rising wedge for the last year, but the longer term trend is that of a rising channel:

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This is how I see the Russell 2000 ETF (NYSEARCA:IWM), which has actually broken under the support:

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And here is the Financial sector ETF (NYSEARCA:XLF), which is hitting 50% Fibonacci retracement (from 2007 top to 2009 bottom) resistance in addition to the upper resistance of its rising wedge.

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Junk Bonds are holding up well, but Dr. Copper (NYSEARCA:JJC) is not. At all. Copper may be starting a serious breakdown:

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Disclosure: I am short XLF.

Additional disclosure: I am also functionally short IWM via RWM calls.