I'm not seeing many setups I want to trade these days but things do seem to be looking up for the bulls. QQQ made a move today which lifted it solidly above its 50-day moving average. The rally today improved the technicals for all the major indices, as evidenced by the fact that the index trend table (on the General Market Overview page) is almost all green. The one thing that continues to bother me is that the breadth isn't very good. We've barely got 50% of stocks above their 50-day moving averages. I'd really like to see improved breadth for me to believe this rally has staying power.

Amazingly the low for SPY today was EXACTLY the 50-day moving average. I've been closely watching the bearish divergence in the % of stocks above their 50 DMAs for a couple of months now. It started looking sickly in February & I've been wondering if the poor breadth it shows would drag down the S&P 500 or if the S&P could somehow pull many of the laggard stocks up. The answer became pretty clear today as the % of stocks above their 50 DMAs dropped below 35%. It's at its lowest level since the late October 2020 bottom & still about 10 points above oversold levels. At the rate things are going we could be oversold tomorrow.

One of my favorite setups -- a Calm After Storm which shows up a few days after a big positive earnings reaction followed by a pullback. CHWY also happened to close that earnings gap today. I also like the tightening Bollinger Bands (note that it's also in a Bollinger Band Squeeze)

Here's another on that's not quite oversold based on stochastic but I do like that it found support at the January lows

An interesting juncture and set of signals for ABNB today. It managed to find support at both its 50 DMA and lower Bollinger Band. I wish its stochastic was in oversold territory but it's not quit there. If this is actually a re-opening play this could be a good area to get long -- with a stop loss of course!