On the SPYs note the following:
-- Prices are right at the top of a downward sloping channel
-- Prices have been increasing since the end of November
-- The 10 day SMA is rising, it has crossed the 20 day SMA and it is about to cross over the 50 day SMA
-- Prices are above the 10, 20 and 50 day SMA
-- The 20 day SMA is now increasing
Let's add a few more charts
Notice the following on the QQQQs
-- Prices are above the downward sloping channel
-- Prices are right at the 50 day SMA
-- The 10 day SMA crossed the 20 day SMA
-- The 20 day SMA is heading higher
-- Prices have been rallying since the end of November
Notice the following on the IWMs
-- Prices have been increasing since late November
-- Prices are above the downward sloping channel
-- Prices are over the 50 day SMA
-- The 10 day SMA is increasing, it has crossed over the 20 day SMA and it is about to cross over the 50 day SMA
Bottom line: the markets are lining up for a rally.
