Stocks Rally Back to Resistance
05/13/2010 9:11 am EST
The stock market rebound has been impressive, but after last week’s plunge, it probably has done little to calm investors. The major averages have reached stronger resistance, which may limit the upside for now. The Technology Select SPDR (XLK) is just back to January’s highs with further resistance at $23.50-$24. The Materials Select SPDR (XLB) has been weaker and has strong resistance at $33.40-$34. Both of these ETFs tested trend line support last week.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.