Outlook
If you like Tom DeMark, you would have noticed that SPY has broken TD Supply line today and pending qualified break waiting for gaps up and higher high tomorrow. The target would be ATH level.
Obviously SPY is overbought in short term, however, if SPY can gaps up and keep the gap, another indicators would trigger buy signals which could change investors mind.
SPY today
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| SPY 5m |
SPY was "Gap 'n Go" modo today. The volume was unimpressive, though.
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| $NYAD |
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| $NYHL |
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| SPY:RSP |
$NYAD shows some positive divergence against $SPX.
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| JNK Daily |
Notice JNK is breaking out. Wisdom says "when credit goes higher, equities follow".
CVI suggests $SPX would pause tomorrow at least. STVO turned positive and suggests short term momentum is positive. VTO is still lagging but clearly it's improving.
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| SPY OI 05/27 |
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| SPY OI 06/03 |
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| SPY DWV 05/27 |
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| SPY DWV 06/03 |
SPY options weren't so active today. Some 0527 calls were bought at breakout level but volume wasn't so huge so we don't expect those trades lead another movement in SPY.
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