Markets came roaring out of the gates this week, gapping up significantly higher yesterday. Fortunately, as we mentioned in a blog post yesterday, this gap up was all that was needed to lift 10 of the 14 US Index ETFs tracked in our Trend Analyzer tool above their 50-day moving averages.  With the exception of the Micro-Cap ETF (IWC) which is still sitting significantly below its 50-DMA at -2.48%, even those that have not yet moved back above are within one percentage point of retaking the average.  The Nasdaq (QQQ) is by far the closest sitting only 7 basis points below.  Despite this, the overall picture is still not glaringly bullish as the majority of these names remain in longer-term downtrends.  For the S&P 500, 2,800 is the resistance area that everyone is watching.

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