$SPY after finding buyers at the 50% retracement, the SPY was able to push above prior support and the declining 5 dma and it did close above the 131 level we were looking at as a reason to become more neutral. Overnite strength now has the SPY trading at 133.31 and we will now look for ~132.30 to be support.
$QQQ closed also closed above the level we were looking at as potential we were looking at as potential resistance on Tuesday and the 5dma was turning higher by the end of the day. The market is now trading up near the neckline of the inverse head and shoulders pattern we have been observing setup over the last few weeks. A break above 58 would complete this pattern with bullish implications.
$IWM is trading up above the gap from Monday after finding support at the 50 dma.
$SMH has once again experienced a bullish reversal of fortune after earnings from $INTC. This market is trading above the 50 dma (34.80) in the premarket and a close above could bring about a larger recover on the daily timeframe.
Join me today at 4PM Eastern for a live look at the markets and some individual stocks on STOCKTWITSTV