A Dozen Fast Facts About The Current Market Action $SPY

A Dozen Fast Facts About The Current Market Action $SPY


  1. $SPY was able to trade above the 10 day for 4 straight days which was previous resistance.

  2.  For six days the 100 day held as support before $SPY made a run for the 50 day.

  3. For Four straight days $SPY has made higher highs each day versus the previous day.

  4. Last week $SPY successfully held support now it is testing resistance at the 50 day trying to break out.

  5. Leaders are still holding up and making higher highs $Z $YELP $LNKD $FB $TSLA $NFLX

  6. The $SPY is currently range bound acting like a ping pong ball between the 100 day support and the 50 day resistance.

  7. Headline risk has many people on the sidelines fearful of Syria being attacked causing a stock market fall. In the last three weeks investors pulled $21.94 billion out of stock funds.

  8. Since bad news has trouble pushing this market any lower, any good news will likely send us much higher. 

  9. Market participants all ready know all the bad news, the people with risk off are already out. This sets up a chance to rally when money on the sidelines wants back in. 

  10. On Friday after the job numbers it was a relatively quick  buy the dip not a sell off until the end of day at the 50 day resistance.

  11. $QQQ made 52 week highs Friday.

  12. $IWM battling to overtake its 50 day line, right now it is pegged to it.

We are simply in a small correction that has found a bottom. I have been long in size using the $SPY since the break out above the 10 day sma. My stop is a close below the 10 day sma.

A Dozen Fast Facts About The Current Market Action $SPY