S&P 500 Goes Green - Russell Still Yellow

The money has surged back - especially in communications and financials. But... But...

Dear Reader:

Well, this is what we do here.

So, the reading went back into the Green this morning after a short-term selloff. Now, there’s some selling - and hopefully the process of lower highs and higher highs starts.

Here is the SPY over the last three weeks. It’s getting some low-volume life.

The S&P 500 has surged back toward the 5,800 target.

I’ve said since we hit that Zero Buying Pressure bottom two Thursdays ago that it would not shock me if we found ourselves back within a few percentage points of the all-time high by the end of this week.

The thing that I have warned about, however, is that this feels so much like 2022.

We have very low volume buying that is taking the SPY much higher. We’re back above the 20-day moving average and the 200-day moving average on the SPY.

The FNGA is stronger. FAANG stocks are getting an improved bid. The FNGA is back above its 20-day moving average. The MACD is stronger.