Where Are The Markets Key Support Levels?

Technically we have great levels to watch for the market to hold, but we also can’t forget that we have underlying support from the Fed.

Today the Fed again announced that they will keep an accommodative stance. Yet for the first time, a few members said that inflation could become a factor.

Perhaps even bigger than the Fed is the Biden administration considering not only stimulus but also college loan cancelation and reparations for African Americans.

More printing, from the government or the Central Banks, will mostly like put more money in the hands of the Reddit and Clubhouse traders. And with hearings on tap Thursday, we will be closely tuned in.

S&P 500 (SPY) 385 support.

Russell 2000 (IWM) 230 resistance. 222 support area.

Dow (DIA) New Highs. 312 support area.

Nasdaq (QQQ329.50 support.

KRE (Regional Banks) Doji Day. 60 support.

SMH (Semiconductors) 246 support.

IYT (Transportation) 224 support the 50-DMA.

IBB (Biotechnology) Support the 50-DMA at 158.

XRT (Retail) Needs to clear 81.46.  75.28 next support.

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