-
$SPY was able to trade above the 10 day for 4 straight days which was previous resistance.
-
For six days the 100 day held as support before $SPY made a run for the 50 day.
-
For Four straight days $SPY has made higher highs each day versus the previous day.
-
Last week $SPY successfully held support now it is testing resistance at the 50 day trying to break out.
-
Leaders are still holding up and making higher highs $Z $YELP $LNKD $FB $TSLA $NFLX
-
The $SPY is currently range bound acting like a ping pong ball between the 100 day support and the 50 day resistance.
-
Headline risk has many people on the sidelines fearful of Syria being attacked causing a stock market fall. In the last three weeks investors pulled $21.94 billion out of stock funds.
-
Since bad news has trouble pushing this market any lower, any good news will likely send us much higher.
-
Market participants all ready know all the bad news, the people with risk off are already out. This sets up a chance to rally when money on the sidelines wants back in.
-
On Friday after the job numbers it was a relatively quick buy the dip not a sell off until the end of day at the 50 day resistance.
-
$QQQ made 52 week highs Friday.
-
$IWM battling to overtake its 50 day line, right now it is pegged to it.
We are simply in a small correction that has found a bottom. I have been long in size using the $SPY since the break out above the 10 day sma. My stop is a close below the 10 day sma.
