SPY Approaches Important Resistance. Internals Strengthen

The SPY broke out on a short-term basis today and tested longer-term resistance. The QQQ is lagging. However, the IWM on a short-term basis exploded but has a lot of catching up to do on a daily chart. Important to the current intermarket divergences is the fact the internals are strengthening nicely. As you will see in the Briefing, volume, breadth and other internals are all strengthening nicely to possibly support a breakout move. Keep in mind, there is still a possibility we could see another rotation down, but the internals are suggesting that is a lower probability.

Leave a Reply

Your email address will not be published. Required fields are marked *