Today’s 19cent gain in the Q’ was not enough to push the 13EMA up through the 34EMA on the 60min chart so Q’s remain on the ‘Avoid’ list for now.
Tough day for $SPX but it did manage to close above the 50MA for the first time since September, partly because the 50MA has been falling since then. I think it’s important now for $SPX to close above the swing high from last week of 1423.73 as that would send a clear signal that the index can go higher. But that is certainly going to be easier said than done as today’s 2.1billion shares suggests that new money may be taking a wait and see approach to the market now, for obvious and various reasons.
Daily chart of $SPX which for me does not inspire much confidence. Even though $SPX closed today at a new high for this move, it is certainly not moving with much conviction and is not giving me any reason to add to my current long positions. I’m just waiting for some kind of decisive break, one way or the other, before I do anything else.
GL & be careful.