With few news catalysts on the docket, the SPY is dutifully testing it’s upward sloping five-day moving average. While that typically provides strong support, internals are suggestive of a break and IWM has in fact already made the transition below. Other supportive factors at this level, however, are the top of last week’s congestion zone/ prior trading range, S1 and dollar weakness, so it could take some greater momentum to make this happen in large-cap land.
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