Technical Analysis on .SPX

tomthetrader1
05-16

$S&P 500(.SPX)$ thoughts: The index has traded intraday all time highs, breadth is overwhelmingly positive and momentum is about as good as it was when the market made a sharp pivot last November. This is not bearish and certainly makes my most recent index thoughts incorrect.

I hesitate to become wildly bullish here, but I certainly cannot remain bearish.

While the indices trade at all time highs, small caps (both $iShares Russell 2000 ETF(IWM)$ & $ARK Innovation ETF(ARKK)$ ) are further away from breaking out than they were at the end of March— this creates a doubt for me. I do not think it likely that a melt-up or euphoria scenario transpires without the participation of risk on equities. (GME & AMC do not count)

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