The ETF's that represent the major indices are approaching key resistance levels. While technicals and fundamentals barely matter anymore, the markets have come a long way in a short period of time. With momentum waning, resistance may actually do what it normally does - slow this advance. Now that would be a novel idea!
Figure 1 is a weekly chart of the S&P Depository Receipts (symbol: SPY). The red and black dots represent key pivot points; these are areas that represent the most significant buying (support) and selling (resistance). As you can see, the SPY is coming into a resistance zone between 130 ~ 132. This resistance zone is from January, 2008.
Figure 1. SPY/ weekly
Figure 2 is a weekly chart of the PowerShares QQQ Trust Series (symbol: QQQQ). Price is coming into the next level of resistance at 57.36, which is a key pivot point going all the way back to January, 2001.
Figure 2. QQQQ/ weekly