Market Breadth Data******************************

Sunday, April 30, 2017

$SPY Pattern and Trend

The 50 dma is splitting the current trading range in half, and should provide support during a gap fill attempt:

Saturday, April 22, 2017

$SPY Pattern and Trend

On a weekly basis, the SPY registered a 2 point advance. The daily chart, however, shows that the index got rejected 7 times at the 50 dma:

while market internals were getting overbought:

Expect support at 2340 and 2320 to be tested once market breadth starts deteriorating again.

Thursday, April 20, 2017

$SPY Pattern and Trend

The balance of power has shifted and, since April 12th, the bears have the upper hand in the battle for the 50 dma:

Tuesday, April 18, 2017

$SPY Pattern and Trend

Judging by the anemic volume behind this reversal, it wasn't supported by much conviction from market participants:

On the bright side, however, support at 2320 held, and the index even made it above 2340. The evidence suggests a continuing consolidation between 2320 and 2400.
First resistance at 2370.

Saturday, April 15, 2017

$SPY Trend and Market Breadth

Market breadth for the major averages continues to deteriorate:

After losing the battle at the 50 dma, SPX futures dropped below support at 2340 on Friday. The next two support levels  are at 2320 and 2280.

Tuesday, April 11, 2017

$SPY Pattern and Trend

Support at 2340 held and the index was able to climb back above the 50 dma at the close. However, the %Bulls ratio dropped below 50%:

$SPY Pattern and Trend

While key support remains at 2340, the SPX is currently losing the battle at the 50 dma:

Sunday, April 09, 2017

$SPY and Volatility

VIX is signaling a 60% chance of lower prices within the next couple of days:

but oversold market internals continue to argue otherwise.

Friday, April 07, 2017

$SPY Pattern and Trend

Those, who don't pay attention to market internals, do so at their own peril:

2340 held again and, barring some disastrous results from the jobs report (not likely), shorts, most likely, will be forced to cover:

Key support/resistance levels: 2340 and 2400.

Wednesday, April 05, 2017

$QQQ Trend and Momentum

One of the longest streaks in recent history is coming to an end:

Monday, April 03, 2017

$SPY Trump Rally

The major indices are reacting differently to the Trump rally. While the Russell 2000 has flat-lined since the end of 2016:

the Qs continue advancing after a slower start:

and the SPX and DJIA are making lower lows and highs since the beginning of March:

Such divergences, while not uncommon, can't last forever.

$SPY Pattern and Trend

The SPX and NDX are starting the week on a different note. Weekly NDX is on a buy signal, although an overbought alert is in place:

while the SPX weekly sell signal will be tested from the get-go:

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