Commentary

5/21/21 Current Signal xHL

SPY has bounced off the air cushioned support line at the 54 day SMA at 405 and is now threatening to move above resistance at 417 which is near the 18 day SMA.

SPY has bounced off the air cushioned support line at the 54 day SMA at 405 and is now threatening to move above resistance at 417 which is near the 18 day SMA. The current rally is stronger than last week’s because the Wednesday down day candle did not stay black like last week Wednesday. The one day rejection of the move to support is an improvement of the two days it took last week.

QQQ is more impressive and has to break the month long down trend line at the 18 day SMA by powering above it.

This doesn’t have to happen, but at the moment seems like a reasonable view of the situation.

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