SPDR S&P 500 ETF Trust: April Market Internals At The Highs [ProShares UltraShort S&P500 (ETF), ProShares Short S&P500 (ETF)]

bullish buyCorey Rosenbloom: While the S&P 500 is breaking again to all-time highs in today’s session, let’s peek behind the price and take a look at the message from the “Big Three” Market Internals.

To start, it’s a message of current caution:

SPX Big Three Market Internals TICK VOLD Breadth

The straight-up march from the 1,840 support level (see my prior post “Key Inflection Support Planning for SP500“) has been undercut by a steady decline (in indicator highs) in our “Big Three” Market Internals.

Broad NYSE Breadth registered its kick-off/strength high on March 28th at the start of the rally (1,925) and has steadily declined from that peak.

Similarly, NYSE intraday TICK registered its high on the gap-up on March 31st and – despite an end-of-day spike yesterday – has also trailed lower.

VOLD or Volume Difference of Breadth (Advancers minus Decliners) also has trailed the market during its advancing phase.

This is a quick update but it does draw our attention.  We’re always on guard for “Bull Trap” situations as risks to trading any breakout opportunity.

Continue monitoring internals as price hovers in “all time high” territory.

This article is brought to you courtesy of Corey Rosenbloom from Afraid to Trade.

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