A.) Have the IWCs formed a double top?
A.) The SPYs have broken through the top channel line on higher volume. They have also broken through the 10 day EMA and are currently at important support levels.
A.) The transports have not followed the averages higher. Instead, they have been moving sideways with no strong trend either way. However, on Friday they also broke their upward trend on strong volume.
A.) The IWMs broke their uptrend which has now become upside resistance. Prices currently stand at technical support levels. Prices sold-off on higher volume on Friday.
A.) The QQQQs have run into upside resistance at the ~$46.50 level six times in the last 10 days. That indicates there is incredibly strong supply at that level.
