The Boeing Company (BA) is back into its $108.15 double top, all time high. Just last week, BA hit this $108 level and collapsed after a fire was reported at Heathrow Airport. The stock fell in one day from $108.15 to $98.99.
This was an epic one day fall on heavy volume. Since then, the stock has spiked back into that same level. Based on the volume level and the significance of this high last week and in 2006, a pull back should come in. In addition, the SPDR S&P 500 ETF Trust (SPY) is into a double top resistance area. Look for a pull back on Boeing off this level in the coming weeks.
Chief Market Strategist