The DIA and SPY both reached the ML1 Levels between 10 and 11 AM. The SPY ML1 was at 368.60 with a Downside Limit of 366.68. The DIA’s ML1 was at 301.84 with a Downside Limit of 300.19. Both ETFs had solid moves that were not ‘Fast’ in terms of time. Both also did not pull back all that much from the High/ML1 Level. The strongest markets do not tend to pull back all that much. Both the SPY and DIA closed above the ML1 Level.
The QQQ did not meet the IDMM-HP criteria. However, it did meet the ML1 Level at 305.58. Because this move was not part of the IDMM-HP criteria, the likelihood of a close above the ML1 was not as great as the IDMM-HP scenario. The QQQ closed above the ML1 Level.
