The S&P 500 Index surged higher this past week gaining 38.34 into Friday's close. The early July support level remains intact at this time, and the broad based index has closed above the important July 15th pivot high resistance point. As long as the index can stay above this current 1100.00 area it could see further upside. However, as we have seen from the past six trading sessions this index can be very volatile. Therefore, it would be prudent to prepare for surprises in both directions with large point swings. If July has proven one thing it is that it will be volatile and choppy. The S&P 500 index will have weekly chart resistance around the 1108 - 1110 area and much more around the 1121 - 1126 area. Should the index decline or happen to sell off the 1075 and 1060 levels should be important for weekly support. For an alternative means of trading the S&P 500 you can utilize the SPDR S&P 500 ETF (NYSE:SPY)
The IShares Silver Trust (ETF) (NYSE:SLV) continues to hold and trade above the weekly 50 moving average. By trading above this key moving average the silver ETF continues to stay in a strong uptrend. However, the current pattern on the chart does not look exceptionally strong as the SLV has failed to break and close above the $19.00 resistance level on multiple attempts. Should the SLV decline from here the ETF will have weekly support around the $16.00 level and much more support around the $14.50 area which is the weekly 200 moving average.
Adobe Systems Incorporated (NASDAQ:ADBE) surged higher this past week continuing to bounce from the $26.00 pivot level. In early July 2009 this stock pulled back and pivoted at the $26.00 level before trading higher into the end of 2009. Ironically, the stock found that same $26.00 support level in July of 2010 and has staged a nice bounce from that support area. This stock will have resistance at the $30.00 and $31.00 levels in the near term. Should Adobe Systems fails to hold the $26.00 support level the stock should decline into the $24.50 level which is the next support area.
Akamai Technologies, Inc. (NASDAQ:AKAM) bounced sharply higher this past week along with most other stocks. Akamai Technologies Inc remains in a strong uptrend trading above the weekly 20, 50, and 200 moving averages. This stock will have very good weekly resistance around the $50.00 level in the near term. It is also important to note that Akamai Technologies will report earnings on July 28th, 2010 and one never knows how the street will react after the announcement.Should Akamai Technologies decline the stock will have support around the $39.00 level.
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