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Not the most encouraging action today.
$SPY $QQQ $IWM $UVXY
$SPY Not the most encouraging action today.
The wedge breakout failed at the May 4 high anchored VWAP and then the day closed near the lows of the pattern.
$QQQ got close to the May 4 high AVWAP but couldn’t break over and also closed near the lows.
$IWM has been the RS leader and that’s been shown by its ability to get over the 5/4 AVWAP. But it’s at risk of losing it here.
One potential bright spot is that volatility is still coming down. Here’s a look at $UVXY heading lower.
Now we’ll watch into tomorrow for more clues as to whether the bounce can continue.
All three major indexes closed below the daily 8 EMA.
$QQQ made an inside day.
$IWM negated it by a penny.
Holding up here, then clearing today’s high will be the first towards more upside.