Technical Edge
NYSE Breadth: 81% Upside Volume (!)
Advance/Decline: 78% Advance
VIX: ~$16.75
A nice upside breadth push yesterday as most S&P instruments cleared last week’s high. We will need the SPY and SPX to hold that weekly-up rotation today and will need the /ES to go weekly-up in the process (it is during Globex).
Yesterday’s push allowed us to trim all of our open positions, so that is a pleasant development and a nice reward for stock-picking in a choppy, range-bound tape.
As always, let’s look at the indices then update our individual positions.
S&P 500 — ES
4175-ish is still a bit of a hurdle, but if the ES can clear it, ~4200 is the next significant area.
Pivot: !4175
Upside Levels: 4198-4206, 4220, 4242
Downside levels: 4150, 4120, 4110-12
SPY
Into the top of key resistance, SPY needs to go daily up over $415.86 and hold above that level to open the door to our next upside levels.
Keep reading with a 7-day free trial
Subscribe to Future Blue Chips to keep reading this post and get 7 days of free access to the full post archives.