Analysis of DIA, QQQ, SPY, VIXY
Updated
Long term markets are still long, but price action and VWAP analysis is showing weakness today and yesterday which may roll over into a further correction down in price. The VIX is a little less bearish about market direction on an intraday basis.
My bias is down or sideways. There is an increasing amount of resistance to the upside and not a lot of base building to move through up through the resistance IMO.
My bias is down or sideways. There is an increasing amount of resistance to the upside and not a lot of base building to move through up through the resistance IMO.
Note
SPY and DIA moving up above significant AVWAP support lines. If price holds above those lines then the bullish case is bolstered. QQQ isn't quite there yet, but is trying!Note
Closed the day without exceeding the resistance line for the SPY. Last hour of the day sellers were in control of SPY/QQQ/DIA.
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