Today's Markets

Instead of using the daily 5-minute chart, I'm going to use the 6-month daily chart to show how the market is doing.



Notice the following:

-- The market is stuck between (broadly) 128 and 138.

-- We have two upward sloping pennant formations

-- The SPYs are about 7.8% below the 200 day SMA

-- The 10 and 20 day SMA are moving higher, but

-- Prices are now below these two averages which pull the shorter SMAs lower

-- The SMAs and prices are bunched up without a clear sense of direction.



On the QQQQs, notice that the average just broke a month-long uptrend



On the SMA chart, notice that

-- Prices are about 8.7% below the 200 day SMA

-- The 10 and 20 day SMA are moving higher,

-- The 10 and 20 day SMA have moved through the 50 day SMA, but

-- Prices are below the 10 and 20 day SMA which will pull them lower



-- Prices are about 9.8% below the 200 day SMA

-- Broadly speaking, prices are between 64 and 73,

-- But prices and the SMAs are bunched together giving little indication in either direction.