The markets are roaring higher today ahead of Apple Inc. (NASDAQ:AAPL). This will be a big report for the whole technology sector. In addition, Friday morning Wall Street will get the GDP number. This will be the major economic report of the week. Since last Thursday's low, the markets have soared. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) has jumped from $153.50 to a high today of $157.88.
This sharp up move sets up for a pivotal next few days. The two scenarios are as follows. Between Apple and the GDP numbers the markets breakout to new all time highs, or the markets collapse again, taking out the recent lows.
The major resistance levels to watch on the SPY are gap fill at $158.81 and the double top at $159.71. On the downside, the support levels are $153.50, $152.90 and $148.85.