Market Momentum Slowing But Uptrends Remain Intact
$SPY still in uptrend on daily timeframe but momentum has slowed and it is below the 5 dma and support from earlier in the week at the 15050-15060 range, near term cautious. More important support is still found between 14920-14975, holding above this area keeps the market “innocent until proven guilty”
$QQQ stuck in the choppy range of 6615-6780. 6620 takes on further significance now that it is also the location of the rising 50 DMA. Time corrections tend to resume in the direction of the primary trend which is still higher but it will need to be above 6780 to gain any upward momentum.
$IWM Daily uptrend remains intact and it is arguably extended but as long as the key support of 8875-8900 holds the benefit of the doubt continues to go to buyers.
$XLF feels extended but the pattern continues to be one of higher highs and higher lows, benefit of doubt continues to go to buyers as long as it remains above 1730