Bulls Take the Wheel: SPY Chart 1/31/16

The market loved the surprising move by the Bank of Japan going to negative rates on Friday. This was the catalyst for the Friday move forcing short sellers to cover and momentum traders to chase the move. $SPY had a MACD bullish crossover on Thursday before the huge up day Friday. The 10 day EMA […]

First Bullish Baby Steps $SPY Chart 1/24/16

  $SPY broke out over the 5 day EMA Friday. This shows short term momentum out of the downtrend. This is an early bull signal, but only the first. The 5 Day EMA held as support Friday. This level needs to hold to confirm this is a short term reversal. Friday’s up day was on lower volume than […]

We Are Not in Kansas Anymore

We are not in Kansas anymore, Toto. Just as Dorothy learned that Oz was different than Kansas, new traders, perma-bulls, and buy-and-hold investors are learning that a downtrend and market correction is not the same as a bull market or range bound market. Oversold levels can become more oversold, lows can get lower, and price support […]

The $SPY Chart Enters the Bounce Zone

$SPY is currently in a correction after falling over 10% from all time highs. The 5 day EMA has been the end of day resistance for all of 2016 as $SPY has been in a strong short term downtrend. On Friday the $SPY bounced near a triple bottom support line. Friday’s candlestick was a bullish […]

5 Signals That Will Prove the $SPY Could Reverse

  2015 was a range bound market that lacked breadth. A few stocks like Facebook, Amazon, Netflix, Google, and Microsoft held up a weak internal stock market. 2016 went into a quick correction of over 10% from all-time highs. The energy sector and oil continues to go lower and lower. Small caps have fallen below […]