The Daily Drip

Markets review, strategy and analysis

The SP500 remains in an upward trend working a wave ((iii)). While the current move from April 19th low can be considered a fifth wave, the evidence of its completion is nonexistent. A break of the green trendline along with 5440 lows would be the initial indication a corrective move is taking place.

On the technical page, we continue to notice several things that continue to give confidence in the existing trend. Price is making higher highs and higher lows, it is trending above all key moving averages, rsi is in the bullish territory, while PPO is steady. First support comes in at 5500. We are trading 1.9% above the 20day, 4.6% above the 50day and 13.8% above the 200day.