Ten Fast Facts About the $SPY Chart

Ten Fast Facts About the $SPY Chart


  1. The $SPY chart is still in a long term uptrend.

  2. $SPY has settled into a short term price range

  3. $SPY is not respecting the 5 day ema or the 10 day sma so trend trading on the daily chart is not working here.

  4. For 12 out of 13 days after the gap up to new all time highs $SPY has respected the $182 price support and the $184 resistance level rejecting the one day break out open above $184.

  5. A close above $184.69 will signal a break out to a new all time highs and a possible trend into the 70 day RSI.

  6. The risk/reward does not give me a green light to go long at these levels with overbought levels close above not much upside available with out a rare parabolic move.

  7. Swing trading here is the higher probability trade going between the $182/$184 levels on the daily chart.

  8. With no trend on the daily chart only day traders are seeing directional action in recent weeks.

  9. Money flow has finally slowed into big cap equities as an asset class and now existing dollars are just being rotated between sectors.

  10. Buy the dip is still in play here with possible entries at the 21 day ema and 50 day sma possibly working.

I am currently flat looking to buy the dip at the 21 day or 50 day, sell a bearish credit spread if we do break out, or short near the 70 RSI. We will see if something finally changes next week.

Ten Fast Facts About the $SPY Chart