Market breakout with higher lows and higher highs along with an RSI above 50 signaling more upside likely to come. Additionally, both the 10 and 21 MA are above the 50 SMA adding to the bullish posture. Note markets are digesting lower oil prices as a stimulus. Lower oil, higher stock market.
Tag Archives: SPX
There doesn’t seem to be a large number of stocks participating in new recent market highs. There may be a little more room left to the upside, but many stocks are exhibiting signs that momentum may slow on the horizon. Note on the stocks at their 50 day highs is not matching up with current overall market highs. Stocks and indices such as the QQQ and SPX are showing negative divergences on their daily charts.
The S&P seems to be looking to test its upward sloping resistance while the Russell is testing its downward sloping resistance as well as its %50 retracement. Lets see if the markets can overcome these hurdles and if not targets from previous post are in play. BTW $TSLA and $NFLX will be stocks to watch on any pullback for long entries. Ill post some targets in the coming days to see where they will likely head.
Back to overbought conditions. Wouldn’t expect much higher in the coming days.
Its all about the $SKEW. The SKEW has reached extreme levels and is signaling caution on any long positions here. Time to step aside or look for short entries to 1950 on $S&P Futures or 1964 on SPX. Looking for a retrace possibly up towards 2050, but not sure we get there before markets roll over toward 1950 level ( 1964 $SPX).