Markets Near Term Neutral but Improving

$SPY
- has been struggling with the declining 50 dma (currently 141.95) for last 6 sessions
- touched the 61.8% retracement of the Sept high to Nov low on Nov 30
- struggling with declining (slightly) 5 DMA currently 141.73
- bigger prior support 143.50-144.00 has been resistance
- possible inverted head and shoulders pattern forming
- needs to clear 142.20 for near term improvement to be trusted

$QQQ
- found sellers on Monday after gap up thru declining 50 DMA (currently 65.89)
- pattern of lower highs and lower lows below declining 5DMA
- needs to recapture 65.80 for near term improvement to be trusted

$IWM
- has shown relative strength over last week as it has held above declining 50 DMA (currently 81.62
- possible inverted head and shoulders pattern with neckline at 83.00
- below 81.45 would be bearish

$XLF
- holding above flat 50 DMA (currently at 15.78)
- holding above prior important support/resistance area of 1570-1585
- back below 1570 would be negative

click charts to enlarge