55OM

Almost no one uses this chart correctly... but it's one of the best ways to tell if a move up will continue or fail. The answer becomes very apparent for the current $QQQ and $SPY move when you look at the internal structure under a different light: This is a daily chart of the percentage of $SPY stocks above the 50 day moving average. I removed the candlesticks because what matters most is not the actual raw percentage, but the interaction between its own moving averages. Specifically the 10ema🟠 and 200sma🟢 for the percentage itself. The last time the 10ema struggled to get above the 200sma following a deep move in breadth was Feb 2025 prior to the tariff selloff. We are seeing that same failed expansion pattern happening right now. Conversely, in order for a move up to fully sustain, the 10ema needs to slice above the 200sma with absolute ease like it did back in May 2025 during the recovery. That is clearly not the case currently. This doesn't necessarily mean the exact top, but when internal momentum stalls against long-term moving averages while also making lower highs, it's worth paying attention to.