Notice the following:
-- The market is stuck between (broadly) 128 and 138.
-- We have two upward sloping pennant formations
-- The SPYs are about 7.8% below the 200 day SMA
-- The 10 and 20 day SMA are moving higher, but
-- Prices are now below these two averages which pull the shorter SMAs lower
-- The SMAs and prices are bunched up without a clear sense of direction.
On the QQQQs, notice that the average just broke a month-long uptrend
On the SMA chart, notice that
-- Prices are about 8.7% below the 200 day SMA
-- The 10 and 20 day SMA are moving higher,
-- The 10 and 20 day SMA have moved through the 50 day SMA, but
-- Prices are below the 10 and 20 day SMA which will pull them lower
-- Prices are about 9.8% below the 200 day SMA
-- Broadly speaking, prices are between 64 and 73,
-- But prices and the SMAs are bunched together giving little indication in either direction.
