Price gapped higher on the Personal Income/ Spending beats, and has maintained its trajectory after some narrow range consolidation near SPY R2 on the Construction results. Cumulative Tick is roaring ahead, the VIX is down-sloping and the Advance - Decline line is at very robust levels. I'd be careful about trying to fade this strong beginning of month markup. Minimally consider legging into your positions.
As discussed in the Weekly Rewind, note that the S&P500 has officially broken its 200-day moving average and is at highs for 2009. In that regard, I have been showing price versus the simple ten-month moving average on the Weekend Rewind for a couple months now. I have finally retitled the header to make that more clear, as seen here.
Never Investment Advice
Wednesday: Auto Sales, Fed's Beige Book
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