Bulls Won the Battle Last Week: $SPY Chart 8/5/18

 

Bulls Won the Battle Last Week: $SPY Chart 8/5/18

Chart courtesy of StockCharts.com

  1. The current short term $SPY trading range is resistance at the adjusted all time high of $284.37 and support at $278.50 since July 13th.
  2. $SPY remains within striking distance of breaking out to new all time highs at an unadjusted $286.63. All time highs are bullish. The more attempts to break out the better the odds become that it happens.
  3. $SPY price is above all moving averages.
  4. The 10 day EMA / 50 day EMA bullish crossover signal remains in effect.
  5. MACD had a new bullish crossover last week.
  6. Thursday was a bullish engulfing candlestick that followed through Friday to go higher.
  7. $SPY RSI gives price room to go higher before becoming overbought 63.49.
  8. $VIX intra-day low of 11.07 on Friday was the lowest reading for $VIX since May 2018. Put options are very cheap with little expectation of a downtrend here.
  9. The ATR (Average True Range) has stayed the same over the past month as the current trading range held with little volatility currently.
  10. Volume was steady last week as $SPY held the lows of the range and reversed to pursue a new breakout to new all time highs.