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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
After the CPI numbers on Tuesday, the Stock Indices surged. Since then, they have been in a pause and worked off an extreme overbought condition for the last three days. Important is the fact the internals of the market are strengthening. This would suggest a higher probability of a breakout
It is always a higher probability for price to correct to the internals of a financial instrument. However, there is a low probability the internals will correct to support price. That typically occurs around a news event, which is exactly what happened today with the release of the CPI numbers.
The SPY and QQQ both took out important resistance today. However, the internals are still weak and weakening, especially volume. The Russell is diverging from the other two Indices as well. This gives us a mixed picture for Monday. If the rally in the two Indices is to continue, we
The Indices continued their rally after the Fed announcement last Wednesday. However, as you will see in the Briefing, the internals weakened dramatically yesterday and continued to be weak in today’s trading. Additionally, the Russell has diverged and is trading lower. The SPY and QQQ are both at critical resistance
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