Bottom Line
As of Friday’s cash close the US stock market looks bullish heading into next week. The SPX, NDX and DOW all closed very strongly to end the week and closed right at critical upper levels. The RUT began to show strength Thusday and Friday and if strength continues in the RUT, even if it is only to it’s April highs, it would likely help spike the other three primary trading indices into their next upper KRAs.
The SPX, NDX and DOW have been making higher highs and lows since the October 2022 lows.
Breadth has begun to show expansion, and it is vital this continues if the rally has much further to run.
VIX closed Friday at its lowest level since 2021, supportive of continued rally.
A close below Friday’s cash session lows by all four indices would open up the bearish case.
SPX
NDX
RUT
DOW
Internals
VIX
US 10-yr Notes
Notes are between intermediate term levels.
US Dollar
Consider shorts below 102.05.
Gold
Consider longs against 1980.90.
Crude
73.99 may be an important low in Crude.
