Bulls Keep the Ball as Support Holds for the Major Market Funds; All Oversold
- SPY Retakes $340 and Remains in an Oversold Position
- QQQ and IWM Extend From Key Support
- Sentiment Still Greedy…But Less So
- FOMC Meeting on Tap, Not Much Expected
- Futures Point to a Higher Open Today
Key Chart – ETFMG Prime Mobile Payments ETF (IPAY)
One theme on which we are bullish (longer-term) coming out of COVID is mobile payments. Square, Inc. (SQ) unveiled two new features yesterday that sent the stock higher by ~7%. The ETFMG Prime Mobile Payments ETF (IPAY) is oversold as it tests the February breakout level. The fund has been a leader since May and has bullish Money Flow readings.
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