10 Facts About the Market Indexes 11/1/15

10 Facts About the Market Indexes 11/1/15

 

  1. $SPY $QQQ and $DIA ran into resistance at the 70 RSI. The risk/reward favors a pullback here.
  2. $SPY $QQQ and $DIA found support at the 5 day EMA on Friday at close.
  3. $QQQ is the leading index and $IWM is the laggard.
  4. $IWM had a failed breakout over the $116 resistance and price ended under the 5 day EMA.
  5. The 50 day SMA is currently support for $IWM
  6. The 50 day SMA is still under the 200 day SMA in all major indexes which is bearish.
  7. Year to date returns on $IWM -3.58% $DIA -0.78%, and $SPY +1.16% show that stocks are not under accumulation as an asset class. Stocks are just being traded as a whole with buys into dips and sells into rallies.
  8. The accumulation has been limited to $QQQ +9.76 YTD thanks to the new economy stocks $FB $AMZN $NFLX and $GOOGL.  These are companies literally taking over industries.
  9. While MACD is bullish in the indexes it is extended and has a high probability of going sideways and reversing here.
  10. In this type of range bound market in 2015 maximum bullishness on charts  is generally when the market reverses.

10 Facts About the Market Indexes 11/1/15

10 Facts About the Market Indexes 11/1/15

10 Facts About the Market Indexes 11/1/15

10 Facts About the Market Indexes 11/1/15