In today’s briefing:
- Monitoring Small- Vs. Large-Caps and Growth Vs. Value; $SPX, $QQQ in Pullback Mode
Monitoring Small- Vs. Large-Caps and Growth Vs. Value; $SPX, $QQQ in Pullback Mode
- Breadth has expanded significantly in recent weeks with the Russell 2000 (IWM) breaking above major 2.5-year resistance at $210; $210 is now critical support moving forward.
- Technology/Large-Cap growth/Nasdaq 100 (QQQ) has consolidated after getting extended, and with June 12 gap support on QQQ getting filled/breaking today, it appears this pullback is likely to continue.
- The SPX is breaking its 20-day MA. June 12th gap at 5375-5409 is potential support, but it appears a pullback in the SPX and QQQ may be headed to 5191/$449.
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