$IWM Back in the prior uptrend. $IJH improving too, though not as strong. $SPX $SPY is leading the uptrend near-term. The order off the March low is (without divs) from leading to lagging, $IJH, $SPY, then $IWM.
$SPX $SPY $IJH $IWM My indicators tonight: Overall US Market Signal is at 87.5%. 100% means market could be overextended. "Equivocal signals" are at 15% of the total vs 65% on the 25th when the market found support. My "short term stretch indicators" are not maxed out yet, so there is room for more upside tomorrow. SPX and RUT are both back to uptrends (IJH is not), but the SPX faces a triangle resolution on the daily. The high today almost touched the top line of the triangle. It must make it up through there tomorrow to continue the rally. Another lower high, IF formed would lead to Wave 3 Down, the big one, which means much more give back. It would not kill the market necessarily (wipe out gains since March), but it could retrace a chunk of the gains since then. A classic Wave 3 would mean another 12.5% downside from here. I said "IF." ;) That's the Reward/ Risk setup as I see it tonight, not having checked US futures... ;)
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