Not all green, need confirmation!
Wait to add any long exposure at this time.
Hey, here is the tape:
Industry groups with relative strength:
Lots of higher beta industry groups showing relative strength, still software is not in the list.
Also, a lot of IGs already broke out, they need consolidation!
10 MA > 20 MA on the SPY is not the case now!!!
If this is a sustainable rally that needs to happen, and then we need a pullback where the 10 MA stays above the 20 MA AND at the same time higher beta industry groups show relative strength. Wait to add any exposure until we see exactly this!
Max exposure now would be around 25-30%! And again, wait to add exposure at this juncture.
The list of setups gets smaller:
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