This is the first CC signal since May 22 if it holds up.
I’d be slightly inclined to buy if the close is more to the negative side.
QQQ is seemingly rotating into strength, and IWM is back to being the weakest sister, crossing back below the 52 week simple moving average today after poking above it for the first time since February last week.
If SPY collapses into the close, a move to 316.06 will cross below the 7 day EMA. Note the 13 day is at 310.56, when I mentioned that a few days ago it was 306, so these guys are rising fast which entually will make it easier and more probable for them to be taken out.
Note how the shorter term averages are highest. Standard and normal bull market stuff. Price has not been below any (and all) of the four averages since 5/15. They tend to get taken out around the same time because of the volatility pop that usually accompanies down moves.
xCC is pretty reliably good, but caution seems like a prudent thing at this point.
