Dow Jones index and S&P 500 index both closed highest of the year as  federal  reserve chairman took dovish position in fed rate hike .Current rally  leaded by s&p 500 closed today 20555.03 or .9 % higher than the previous day close. This is the highest close of the index this year.    Index is only 73 points or 3.57 % away from its all-time closing high.

S&P 500 Chart
S&P 500 Chart

 

From S&P 500  index chart, Index made a small pull back  to the 200 day simple moving average and right above the trend line. Stock made a hammer candlestick on the trend line and next day stock made a doji candle for consolidation. Sand p 500 confirmed its bullish move on march 29 strong close at 2055 and Index  can now move at 2100  without much resistance. If oil does better, this is very possible we may see the new high in  2016 in s&p 500.  Technically index has no big resistance to reach 2100. However,  Index  may see very strong resistance at the 2100  zone.

DOW Jones index chart
DOW Jones index chart

Dow jones  industrial average also has a   highest close of 2016  in march 29, 2016. Dow jones  was closed 17633 points with .6 percent up for the day. Dow jones index is not bullish like s&p 500  index. But index is close to the all the time high level and trying to break the 17600 to 18000 level resistance zone. If index sucessifully breaks this resistance, new high for djia will be a time being.

 

 

From Dow Jones industrial average chart,  index is clearly holding above all the key moving averages including 100 day and 200 day simple moving average. Befor todays .6 percent upside move,  index made small pull with a hammer candlestick. Even though dow is holding above its long run trend line and all  the key moving averages, index will see strong resistance at 18000 points.

 

QQQ: Most concerned part of  recent bull run was QQQ was not responsive to the  move and failed to break the key resistance level in the QQQ chart.

QQQ Chart
QQQ Chart

QQQ was up 1.61 percent. QQQ was struggling to break its 200 day simple moving average. Index broke that moving average and closed above that moving average. ETF got this boost by its heavy weight member apple 2.37 % up ward move. Apple was also struggling  to participating this new bull move led by S&P 500.However,  Apple 2.37 % move changed the scenario and now  apple chart is bullish for short term time period.

apple stock chart
ex apple stock chart