The S&P500 SPY ETF is trading at the much talked about double top zone 339 (+/-) in the pre-market session, while the NYSE McClellan Summation Index moves above +900. The latter confirms breadth is improving as more stocks participate.
SPY Daily
Price action remains above the bullish 9ema, 21, 50, and 200d moving averages. A loss of the 9ema would signal caution. In the interim, the trend is bullish.
RSI remains above 50, so we respect the trend. MACD is above its signal line.
NYSE McClellan Summation Index
Moves above +900 in this monthly chart depict strength. Reference each vertical with the monthly chart of SPX below.
The markets rallied above +900.
Futures were higher on better than expected building permits and housing starts. Gold is higher, while yields pulled back in early trading.
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Happy Trading,
Vinny
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