$SPY Bulls Getting Tired Here: 3/3/19

Courtesy of StockCharts.com 

1. $SPY remains above all moving averages. 
2. $SPY trading inside a trading range last week with as resistance at $281.31 and support at $277.48. 
3. Volume was higher on up days than down days last week. 
4. The 10 day EMA has held as end of day support for 39 straight trading days. 
5. $SPY has found distribution near the old resistance on November 7th and November 8th at $279.50 at the old 100 day SMA line.  
6. RSI remains overbought at 70.93 with the odds on more sideways action to work through the overbought conditions haver the ‘V’ bottom going too far too fast and running out of buyers at resistance. 
7. The $VIX continues to find resistance at the 200 day SMA on its chart.
8. $SPY did have a bearish MACD cross under last week signaling the loss of upside momentum. 
9. The Average True Range (ATR) continued going down last week as $SPY traded in a tight range. 
10. The stock market as a whole has become primarily overbought and starting to settle into a trading range here with the odds favoring a pullback more than another trend to the upside before working through overbought conditions.