Joined Dec 4, 2012
319 Blog Posts

I’m All About That Bass ‘Bout that bass, no treble…

So where are we today?

The major indexes started out positive, then failed into 10:00 a.m. EST. Since then it has been a steady rally except for a bit of trouble between 10:45 and 11:30.  We need to see more and no way can we have a weak close.

1.The Russell 2000 via IWM lagged much of the day but is catching up to the S&P 500. Given it s much more oversold than the S&P 500 this s key.

2.The advance/decline line is decent but we need it above +3000 by the close. Right now around +2300.

3.A close above 103.32 on IWM and 193 on SPY would be huge as that is resistance for each ETF.

4.Off a puke day, Wednesday, SPY and IWM need to clear the puke day and then some  by next Tuesday’s close at the latest.

Clearly, today is a V bottom and that is what we saw at the August and September low. As we rally, then expect the indexes to find a level to build a base. Hopefully, base building occurs at higher and not lower levels from here.


If you enjoy the content at iBankCoin, please follow us on Twitter