Today's Markets

Problems from a technical perspective are developing:



The 139/140 area is providing strong upside resistance to the SPYs.



Today was no exception. The markets could not advance beyond these levels.



On the IWMs notice, the markets need to move beyond 72.



But today (again) they couldn't.



The QQQQs are still strong.

Looking at the daily charts of all the averages, we are seeing strong advances with prices above the SMAs and the shorter SMAs pointing higher. These are good signs. But the only average to really get some strong beyond resistance running going on is the QQQQs. We need another average to confirm in order for this to be a real rally. My guess is traders are waiting for Wendesday's GDP number before they send the market higher or not.