Chart Courtesy of StockCharts.com
- Price remains near all time highs.
- Price is over all key moving averages.
- On Thursday price regained the 10 day ema as end of day support.
- The 50 day sma is the next line of support after the 10 day ema. Wednesday resulted in a quick bounce before getting close to the 50 day SMA.
- The Average True Range (ATR) for trading $SPY expanded last week from 1.76 to 2.23.
- The up days were on lower volume than the down days.
- The MACD remains under a bearish cross.
- RSI at 59.89 give $SPY room to go higher before becoming overbought.
- $VIX spiked as high as 16.86 intra day Wednesday but ended the week back down to 12.64 which is still low historically.
- The $SPY chart remains bullish and the market continues to reward buying the dip and taking profits into key resistance levels.
This is what a rangebound market looks like.