Major stocks in uptrend
Major stocks are moving up as you can the in this video. SPX is grinding higher in small increments. VIX has fallen to 11.8 the lowest that we have seen in several years. There is absolutely no fear in the market at this time.
Major stocks like GOOGL, NFLX, CMG and APPL are all having a run to the upside. These stocks have broken down trends and now trying to recover to their 50 day moving averages. The phenomenon we have seen over the last 2 months has shifted and the momentum is on the side of the bulls . This is a sustained action that should lead to higher prices.
This is not a rally but a sustainable action to the upside in the indexes as well. Slow but grinding to the upside nevertheless. The market recovery in the big names should also propel smaller caps higher in due time. W e have seen how RUT is now breaking to the up side from a downward channel.
Stay tuned this week for more bullish action. This is a short week 4 days only. I will be posting more charts this week. Follow me on Twitter and Stocktwits for daily charts and intra day market performance as time permits.