iPad Release Date April 3, Apple Leads QQQQ Above January Highs, SPY Yet To Clear Resistance, iPad Commercial ($AAPL, $SPY, $QQQQ, $TLT, $GLD, $USO Charts)

Apple ($AAPL) led the Nasdaq ($QQQQ) above resistance today.  $SPY (S&P ETF) tested resistance but sold off.  Will high beta tech lead the S&P like last year?  People are trying to game the iPad launch on April 3 [Apple iPad Sales May Approach 7 Million in 2010, Says Report, Eweek].  I also charted out USO, GLD and TLT below.  I just bought a Macbook and now I kind of want an iPad.

iPad Commercial

AAPL broke above January resistance on the hourly chart but it might need confirmation.  It would've been a decent trade this morning when it pierced resistance.  There was decent call option action in March and April at the $230 strike.  People already loaded up on 220-230 calls on March 5 when the iPad release date hit the wire [SchaeffersResearch].  All charts below are courtesy of FreeStockCharts.com.

If support holds, the Apple monthly chart shows $300-375 as upper channel resistance.  If it's a false breakout $150ish is uptrend support.

QQQQ pierced through January resistance like Apple.  It retested the new support level but watch out for a potential wedge breakdown if the new floor is taken out. 

SPY tested ceiling resistance but sold off.  Needs a jump from the high beta stocks (Tech/QQQQ) to clear the way like last year.

USO (Oil ETF) is in a rising wedge and testing trend support, possibly looking nervous.  You can see $41.30 resistance above, we'll see what happens.  Here is yesterday's post with a detailed look at West Texas crude, USO, OVX (oil volatility index) and the futures curve.

Here's a long term look at GLD.  It almost tested the first ceiling resistance level.  It's just above the 50 day moving average but could break it and test the ultimate uptrend from 09.  The 200 day moving average is not far behind.

TLT the 20+ Treasury Bond ETF is just above a double bottom that formed last month.  If it is setting up for a downtrend break, watch out... 

Watch out for volatility, there seems to be a lot of giddiness but you can't fight the charts.

Overnight update, the E-mini S&P Future is -0.15%, E-mini Nasdaq +0.03%, E-mini Dow -0.12%, XAU/USD (Gold/Dollar) is -0.24% and April Crude -0.29%.