SPY holding up above both 8 and 20 MA.
However, we are seeing some increased volatility specially in small cap and biotech names.
Small cap IWM ,failed breakout look and big range day. If this low doesn’t hold, weakness might carry over to general market.
Biotech ETF , XBI, not the healthiest chart. Keeps on rejecting on 50 MA. Needs to get over 50 MA for some strength.So keep an eye on these charts to get a sense of overall market direction. Market needs speculative money flow back into small caps and bios to have continued strength. Slim picking as far as daily chart watch list. We are still mostly focusing on earning news related stock in our chat room for some decent trades.
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