Ten Fast Facts about the $SPY Chart

Ten Fast Facts about the $SPY Chart


  1. The stock market is still in a long term up trend by staying over the 200 day sma.

  2. In the short term down trend the 100 day ema has acted as support.

  3. The $SPY price action has been under the 5 day ema for 7 days and has acted as end of day resistance.

  4. The 50 day is the line of resistance that $SPY must close over for the first signal of a possible beginning of another possible leg up to all time highs, under the 50 day the odds are we stay in a down trend to the 200 day.

  5. If this is really a new intermediate downtrend look for the 50 RSI to likely to be a new level of resistance.

  6. It is not a great risk/reward ratio to sell short when RSI is in the 30’s.

  7. $SPY has been in a five day trading range $179.50 resistance $177 support.

  8. Equities have currently switched from being accumulated to being traded inside a range.

  9. For seven days the swing trades have been short the 5 day ema and cover at the 100 day ema. Go long at the 100 day ema and cover at the 5 day ema.

  10. This is currently a swing traders and day traders market trying to catch trends and breakouts here has not worked.


Ten Fast Facts about the $SPY Chart