SPY reversed again on the 50SMA. A close over would be bullish short-term. If bulls can’t get it going most likely bears will press their bets. Inflection point.
Semis barely holding onto 100 SMA — they were holding well until recently and need to pick-up on support in order to keep the bull thesis alive.
XLF rejected again at the 200SMA today — horrible action here but at least would look like temporary bottom on a close above.
QQQ can’t get above 100SMA — again note how traders sold the 100SMA test.
IWM reversed again at 82 resistance. We should get a distancing from this area soon as bulls/bears press their positions.
As you can see from the above charts we’re at a very important point in the market (short-term). Both bulls and bears will try hard to press their bets at these inflection points. We have very few set-ups either way — however we expect that to change quickly once the victor emerges.
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