Notice the following:
-- Prices are above the SMAs
-- All the shorter SMAs are moving higher
-- The shorter SMAs are higher than the longer SMAs
-- Prices have been in a clear uptrend since mid-March
However, we're still waiting for the two other averages to confirm.
Notice the IWMs are still looking to break out
And looking at the 1 month chart, we're having a tough time getting through the 72 area with anything looking like some strength
On the SPYs daily chart, notice we've had 8 days of spinning tops. That means there is no momentum in the average moving higher.
The bottom line is we need the SPYs or IWMs to confirm in a big way. And we're just not getting it right now.
