Pre-Market Plan - Friday May 10th, 2024 Market Direction Its hard not to be bullish anymore. Breadth INDEX:S5FI 🟢1YR 🔴5YR INDEX:R2FI 🟢1YR 🟢5YR TVC:VIX (Inverted) 🟢1YR 🟢5YR TA AMEX:SPY 🟢Above the 50D 🟢3 Green Closes TVC:VIX 🟡Steep Decline and has gotten very low. Careful NASDAQ:TLT 🟢 Looks Bullish (Not my expertise) Oil and Copper TVC:USOIL 🟢Cup...
Top charts are the S&P, Nasdaq and Russell stocks above the 50DMA, below is the indicies themselves. Notice the divergences. The amount of stocks above the 50 are declining while prices moved higher. May lead to lower prices. Just something to keep an eye on until it gets itself worked out.
Smoothing EMAs lower, back to Oct 2014 levels. $IWM $TF_F $RUT