SPY IWM NDX Bullish Momentum
It is hard to be too bearish given the current momentum. All of the indices are producing higher lows. In addition, all three printed a higher high this week, with IWM leading the charge to fresh all-time highs.
SPY Bullish Momentum
Now that price action has moved above 274.00 we reiterate a target at higher levels. The 279.29 pivot high is the next likely destination.
Midday Tuesday SPY tested the 274.00 (VBP) volume by price support zone. We finished higher by the close.
This morning futures point to a follow through, as SPY is trading 276.00 (+/-) in the pre-market session.
NDX Bullish Momentum
The NASDAQ broke out of its two-week consolidation, leading the markets higher on Friday. That close lifted NDX above its (VBP) volume by price support zone.
Price action is bullish, with momentum challenging a fresh break into an area of “no overhead supply.” TICK cumulative is bullish.
IWM Bullish Momentum
Small-cap stocks were the first to break out to fresh all-time highs. SOTEMA is advancing just below price action providing a trailing stop going into the summer months.
Momentum indicators suggest small caps will continue outperforming the big cap stocks in the short-term.
Summary – Momentum is Obvious
Our position remains steadfast. Momentum indicators suggest a “Steady as she goes” approach. Therefore, we will add to our winning positions and trim our losing positions.
Furthermore, more stocks are breaking out to 52-week highs, while few fail to pullback. This is a change in market character that warrants a bit more risk on our part. Support zones are just below.
Happy trading,
Vinny
https://theclosingprint.com/CV_Blog/marketsmith-breakout-alerts/
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