Resistance Levels On The Market Leaders
Last week, the major stock indexes all rallied sharply higher. The markets seemed to have shrugged off all of the problems in the European Union, Asia, and the United States. Traders and investors rallied the Dow Jones Industrial Average by more than 500.00 points to 11,509.09 by the end of the week. Are these stock markets out of the woods now and ready to rally? Not so fast, last week was options expiration and that is a time for fake outs and shake outs. Traders must continue to expect a volatile environment over the next few months. There were several leading stocks that surged higher last week. In this weeks report, we shall examine three different leading stocks and find there near term resistance levels just in case this markets stalls out.
Apple Inc.(NASDAQ:AAPL) is the world's most popular technology stock at this time. The company designs, manufactures, and markets personal computers, mobile communication and media devices, and portable digital music players, and more. If you have not heard of Apple Inc. then you are probably from Mars. The stock surged higher by $23.00 last week to close above $400.00 a share. APPL is just $4.00 away from its all time high made on July 26, 2011 at $404.50 a share. Traders should watch for some minor near term resistance around that old high level. The next important resistance levels for APPL stock will be at $413.50, $425.00, $433.25, and $445.00. Should the stock pullback, or decline in the near term from its current level traders should look for support around the $382.00, $371.00, and $359.75 levels.
Amazon.com Inc.(NASDAQ:AMZN) broke out last week finishing the week higher by $27.92 a share. This is a new all time high for the online retail giant. AMZN stock continues to gain market share from countless competitors. Traders must be aware of the sales tax issue that is facing the company from many states in which the business operates. Should the company lose one of these sales tax cases the AMZN stock would come under some selling pressure. The near term resistance levels for AMZN stock are $243.50, $250.60, $259.50, and $266.70. Traders should understand that AMZN stock is very extended and overbought at this time, therefore, a pullback in the near term is very likely. Should the stock pullback from current levels traders can watch for near term support around the $227.00, $222.00, and $218.00 levels. Place these levels on your charts and trade them accordingly.
Simon Property Group Inc.(NYSE:SPG) is a leading real estate investment trust. The firm owns and operates regional malls, premium outlet centers, and numerous international properties. This stock has been a major winner since March 2009 when the stock traded as low as $24.27 a share. Last week, the stock closed at $120.70 a share. The stock is just $3.00 away from its 52 week high made on July 26, 2011 at $123.48 a share. Traders must watch for some minor daily chart resistance around that $125.00 level. The next important resistance area for SPG stock will be around the $131.25, $138.00, and $143.25 levels. Should the stock pullback from the current level traders can watch for near term support around the $115.00, $112.50, and $108.00 levels.
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