MDY has been holding above it's SMA200 for 19 days so far. In the next 7 days there are 4 catalyst events on the horizon.
PPI 12/9 8:30am
CPI 12/13 8:30am
FOMC 12/14 2pm
Quadruple Witching 12/16
Before it's too late, it's time to give careful thought and plan a strategy for upside or downside probabilities & possibilities. Here's MDY levels on the 1-day...
The outperformance in small & mid cap stocks so far this year is noticeable. I wouldn't be surprised to see this outperformance continue for the rest of 2021.
The mid cap stocks are breaking above this big resistance area. This is telling because it's saying that the broader market is starting to participate in this rally off the March lows. This is a bullish indicator to me.
Market has found support. No more bad news can come out. Market is oversold. R/R long side is good from here. Indicators building higher lows and higher highs. Short squeeze is coming.
Critical level here. Could be a last point of supply (LPSY). Otherwise there needs to be a lot of buying volume to come in and move price through this area. The other scenario is that the market moves sideways/pullback.
