The SPYs look pretty good. Prices are approaching a important technical level, the MACD is rising and so is the A/D line. The 10 day EMA has crossed over the 20 day EMA finalizing the bullish EMA picture. About the only problem with this chart is prices have moved higher at a quick pace and may need to pullback a bit.
Everything said about SPYs applies here.
And the riskiest side of the market -- the Russell 2000 -- just isn't confirming, is it? Prices today had an inside day -- meaning the body of today's candle is entirely within yesterday's candle. That can be bearish. But most importantly, notice that the riskiest part of the equity markets did not rise today as other parts of the market rose to just shy of important technical levels. That is warning.
