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- $SPY $DIA and $IWM stay trapped under their 200 day moving averages.
- The daily RSI will be near overbought if they are able to breakout over their 200 days because of the speed of the rally off the bottom.
- The FANG group of leading stocks all have toppy charts here being rejected near overbought levels. $FB $AMZN $NFLX and $GOOGL
- $IWM lost it’s 50 day moving average today.
- $SPY is negative on the year showing a lack of accumulation of stocks this is just trading going on.
- $IWM lost it’s three day support today showing a lack of dip buyers.
- $SPY went lower than the last two days lows of day showing a lack of momentum and support.
- $QQQ failed to trend over the 200 day and just stayed in a tight trading range.
- $IWM has had strong resistance at $116 for 10 trading days.
- $SPY has not been over $204 since August 20th.