So we’ve had some really amazing moves in the index’s – SPY / QQQ / DIA after going through the choppiness from late February into the majority of March. Here we are now setting up as discussed for the Earnings Season run ups. Tech finally waking back up and names like FB / MSFT had huge moves yesterday. Best case scenario is to see big moves like that digest a bit. When it’s going straight up – makes it hard to trade if you’re not already positioned long. So, we’d like to see some of these over-achieving names chill out just a little bit to set up for another leg higher.
SPY – slightly extended here, but at all time highs so it can continue running. I don’t expect another big run today, would be best if we consolidate a bit up here. Keep in mind there are sizable gaps below in SPY / QQQ / DIA which are noted on chart – that may / may not be tested.