The S&P 500 (SPY) is continuing to press higher against the 13/30 hourly momentum averages as every day seems to be new all-time highs. Without much to slow the markets down, I’ll look for continued buying against these moving averages as the bulls are fully in control. Keep in mind, a break of the 13/30 hourly momentum average could signal another selloff into the 200 hourly moving average. The NASDAQ 100 (QQQ) is pressing into all-time highs with strength off of the 13/30 hourly momentum averages. As buyers are fully in control of the markets, I want to see continued strength off of these momentum averages as we press further into all-time highs. Similar to the SPY, a break of the 13/30 hourly averages should signal a selloff back to the 200 hourly moving average where buyers would likely step in again to support the market.
Stocks to look out for include LMT and TTD. Lockheed Martin Corp (LMT) continues to consolidate under the 200 hourly moving average. It looks like there is upside potential left in this name and Wall Street may want to see a little dip in the stock price before entering into the credit put spread. It is quite plausible that the bulls will step in and attempt to have the stock break out higher from here.
Trade Desk Inc (TTD) is currently consolidating around the 200 hourly moving average after buyers stepped in around $75 recently. Wall Street may want to see more consolidation at this level and the buyers get back in here to drive the price back towards the recent pivot high near. $90.