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What’s New:
SPY/QQQ
Rotation is now into bigger/mega caps as earnings season is around the corner. Still constructive action with the QQQ’s building higher lows - both indexes reclaiming moving momentum moving averages. The SPY in the last two days we printed a range with Friday being an inside day that signals consolidation. An inside just signals that there’s a pause in the market, but the next market open will give us the direction of the market.
In terms of the QQQs, if we open above the 627 then we can breakout higher.
My thesis on the market is that we’re still in a bull market.
RSP/QQEW
Both looking constructive here with sector rotation. The QQEW is now at resistance after reclaiming momentum moving averages. Breakout/follow through out of this area will be important for growth stocks to start moving.
IWM/MDY
Consolidation. We’ve had a run for about 1.5 Months. Things can still consolidate here and be constructive. I think a rest period for the IWM and MDY to go sideways, pull in, and then launch out another leg would be the best case scenario.
VIX
VIX is now coming down (we’re at 16.09), which is better. Ideally I do not want this to be above 20 when taking new positions, but for now getting under 15 would be the best case scenario.Something to note here is that all of the MA’s on the VIX are starting to come together and if we do start to stabilize above the 200 SMA then that will be a case for extreme volatility. For now it’s a nothing burger.
