U.S. Equity Rally Broadens as SPX Breaks Out, Breadth Improves Despite QQQ Lag

SmartReversals
01-07 09:31

1. $S&P 500(.SPX)$

The breakout is gaining traction, and it's based on broad participation. $Health Care Select Sector SPDR Fund(XLV)$ is coming back with $Eli Lilly(LLY)$ ,

Materials $Materials Select Sector SPDR Fund(XLB)$ is soaring, and tech is gaining traction with a promising move. New ATH and the conviction candle suggests bullish continuation.

2. $Invesco QQQ(QQQ)$

QQQ is far from breaking out, and the bounce faded during the day, closing again at the 20DMA. During 5 consecutive days that 20Average has been breached or touched, showing weakness.

3. $NASDAQ 100(NDX)$ VS $Dow Jones(.DJI)$

Notable improvement observed in stock participation (market breadth).

$NASDAQ 100(NDX)$ is catching up with the other indices and DJI reached 70% with the stocks above their 200DMA, a key threshold to watch. SPX continues strong.

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