Indexes at MA Resistance

Today's rally has taken SPY to its declining 50 DMA and QQQQ to its declining 200 DMA. Interestingly IWM is above both, although both MAs are declining. This should mark an important inflection point, and once resolved (which probably will be marked by fits and starts) should determine the direction of the next leg into Autumn.

 

In other words, from here, the market is likely either to go up or down, unless it stays sideways...

 

That of course is always true. But as an inflection point, the direction it ends up going (unlikely to be sideways for very long), should have some legs.

 

I like legs