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Todd Harrison: What to Watch as We Slink Into Summer


The NDX holds the key to today's stock market action.

Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

We've been watching S&P (INDEXSP:.INX) 1900 for some time, in large part due to the technical pattern that triggered once that level was pierced; through that lens and that lens only, the S&P has room to 1975.  And the tape certainly looks to be following the script, which is good news for the bulls as we quietly slink into summer.

The bears will throw caution to the wind, as that's what bears do. They'll note the Bloomberg Smart Money index, which remains at a divergence last seen in 2007.

And they'll continue to flag the lagging banks, as they have for the last few weeks.

And ditto the small caps, as measured by the Russell 2000 (INDEXRUSSELL:RUT).

The tell for today's tape, however, will likely be found in four-letter land, as the Nasdaq (INDEXNASDAQ:NDX) tickles the underbelly of the 2014 -- and 14-year -- highs, per the chart below.

See both sides, particularly on what promises to be a thin Friday during a holiday-shortened week.

Twitter: @todd_harrison

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