After bouncing off the Fibonacci fans, prices have now moved through resistance, priting a fairly strong bar to do so. Also note the technicals are giving a buy signal (MACD has given a buy signal, CMF has turned positive and the A/D line is advancing). The EMA picutre is a bit blurred, however.
Moving on, remember we're looking for a confirmation from other averages or more aggressive market sectors to see if the SPY break-out is for "real."
After advancing in the AM in a very strong rally, prices retreated and could not quite make it back to the days highs. In addition, prices could not maintain their momentum going into the close, falling in the final half hour.
The QQQs are still in their range. Yesterday's candle broached resistance, but could not close above that level.
The IWMs could not break through resistance yesterday, either.
And the XLIs and XLFs are still in their trading ranges as well. And finally,
the IYTs are range bound as well.
In short, yesterday did not confirm the SPYs break-out on Friday.
