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Biggest Stock Market Level Of The Week Tagged

|Includes: AA, GOOG, JPMorgan Chase & Co. (JPM), QQQ, SPY

After the markets had a one week run of 12%, today is a quiet pause day. All eyes continue to be on Europe but will soon be watching earnings from big players like Alcoa Inc. (NYSE:AA), JPMorgan Chase & Co. (NYSE:JPM) and Google Inc. (NASDAQ:GOOG). While investors are speculating constantly on whether the next move will be up or down, true traders are just watching the charts.

Today, the markets ran into a major level. This level can clearly be seen on the daily chart of the SPDR S&P 500 ETF (NYSE:SPY) and the PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ). The small investor is starting to get giddy with hopes of major upside but unless these massive resistance levels are broken, the markets will fall once again. Look at the charts below.

Gareth Soloway