Stock Indices Linger

After breaking out above long-term resistance, the SPY and QQQ have lingered just above that resistance, which is now support. The market internals continue to deteriorate. While the last few days have seen some gains in price development, those gains have been minimal. The IWM is still lagging. Breadth divergences still exist. We have to respect price development, but the internals are very concerning at this point.

It usually takes a news event to begin or sustain a breakout trend. There is some important economic news coming out next week that will definitely be a market mover.

There is no recording tonight. Hopefully, we will see more activity in the coming days.

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