I just returned from being out of town and am unable to do a video Briefing. However, I will review price development and price structure completely tomorrow.
Some of my clients joke at what they call the “Joe Indicator”. That indicator tells them when I go out of town, there is typically a large move in the Stock Indices. That certainly happened last week and through today.
Important upside resistance in the SPY is 438 – 440. In the QQQ it is 373 and in the IWM it is 177.50. Use caution tomorrow on long positions. There is a large divergence between price from Friday and today with the internals. Breadth was negative in all of the Indices. The Russell failed to make a new high over Friday. 52 week highs minus 52 week lows was negative. Internally, there was a lot of damage between Friday and today.
More to come tomorrow………….