Today's Markets

First, the QQQQs are clearly in a rally



Notice the following:

-- Prices are above the SMAs

-- All the shorter SMAs are moving higher

-- The shorter SMAs are higher than the longer SMAs

-- Prices have been in a clear uptrend since mid-March

However, we're still waiting for the two other averages to confirm.



Notice the IWMs are still looking to break out



And looking at the 1 month chart, we're having a tough time getting through the 72 area with anything looking like some strength



On the SPYs daily chart, notice we've had 8 days of spinning tops. That means there is no momentum in the average moving higher.

The bottom line is we need the SPYs or IWMs to confirm in a big way. And we're just not getting it right now.