Analysis of DIA, QQQ, SPY, VIXY
Long term markets are still long, but price action and VWAP analysis is showing weakness today and yesterday which may roll over into a further correction down in price. The VIX is a little less bearish about market direction on an intraday basis.
My bias is down or sideways. There is an increasing amount of resistance to the upside and not a lot of base building to move through up through the resistance IMO.
My bias is down or sideways. There is an increasing amount of resistance to the upside and not a lot of base building to move through up through the resistance IMO.
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SPY and DIA moving up above significant AVWAP support lines. If price holds above those lines then the bullish case is bolstered. QQQ isn't quite there yet, but is trying!
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Closed the day without exceeding the resistance line for the SPY. Last hour of the day sellers were in control of SPY/QQQ/DIA.