| SPY Weekly The $SPY finished slightly higher & with a Doji candle on the weekly chart above. A Doji candle represents a neutral candle & illustrates the indecisiveness of the overall market. The market got a big boost from a beaten down retail sector with Macy's ($M), Nordstrom ($JWN) & others beating on their quarterly earnings. The $SPY looks good overall with both the 10 Week & 50 Week Moving Averages rising. I'm waiting for a pullback to the 10 Week Moving Average (~$211) to add to any long positions. |
| IWM Weekly The Small Cap Index is looking to play catchup & break out to it's all time highs above $127.50. The $IWM is still about 4% below it's all time highs, and if this were to happen it would be a very bullish signal for the overall market. |
| QQQ Weekly The Nasdaq chart has the best look of the major US indices. The $QQQ has gone straight up since the Brexit scare in June. I'd wait for a pullback to the $115ish area before looking to add to any positions. The US Indices all look good at this juncture. We are pretty much finished with the majority of earnings season at this point. The market will be reliant on central bank speak/decision-making and economic data in what should be light trading up until after Labor Day Weekend. I won't be adding to any long positions in the $SPY unless we get about a 2-3% pullback. Good luck & God bless! |
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