Not much change from our commentary last weekend. Building internal strength favors sticking with the trend, even though volume on the upside has been lackluster. Relative strength favoring small caps is encouraging for further upside, as traders embrace more risk. SPX approaches its January high near 1150. Nasdaq has exceeded its high as RSI peaks above 70 (price relative also excels). Our one major concern remains VIX, which settled at a low 17.4, as price falls well below its EMA 34.
Click here for the updated Market Tour on StockCharts.com
Chart Pattern Indicator: What's the Reading?
3 weeks ago
No comments:
Post a Comment