The big news on the SPYs is today they broke through the second downward sloping containment line. The bad news is they did so on weak volume. But, you can't have everything. In addition, the 10 and 20 day SMAs are moving higher and prices are above all the SMAs.
The QQQQs advanced through the line that connected recent highs, fell back and then advanced again. In addition we have a bullish SMAs picture - the 10, 20 and 50 day SMA are moving higher, the lower SMAs are above the longer SMAs and prices are above all the SMAs.
On the IWMs, prices moved through the containment line on weak volume. But the 10 and 20 day SMA are moving higher and have moved through the 50 day SMA. Prices are above all the SMAs
Put together, these are three very good charts. At the end of a trading week all of the averages are moving through resistance areas. SMAs are moving higher and prices are above the SMAs. The only drawback is the lack of volume. But that could also be a signal that retail investors are staying out of the market for now, implying there is cash on the sidelines.
