$SPY Chart Facts – 5/5/14

$SPY Chart Facts – 5/5/14

 
 

  1. The long term up trend is still in place with $SPY closing at a new end of week high on the weekly chart.
  2. Intermediate term time frame favors swing traders here with $SPY going sideways for the year with a +2.27% gain.
  3. $SPY has spent 11 weeks in a trading range of $180 support/$189 resistance.
  4. Amazingly the 5 day ema has held as closing support for five straight days as the $SPY tries to make higher highs and refuses to go down so far.
  5. For four straight days $SPY has made higher highs and higher lows to create a very short term up trend.
  6. The Ukraine headline risk maybe the primary cause of many traders having risk off going into the weekend.
  7. Big cap sectors are holding up well in the market benefiting from weightings in Apple, consumer staples, utilities, healthcare, and energy.
  8. With most momentum stocks having broken charts the bull market is growing old as money rotates to other sectors. $XLP $XLE $XLU
  9. This is not 2013 and traders will have to manage risk and stay flexible to what could happen next and trade price.
  10. Buy and holders are not looking like the geniuses they looked like last year and this year I suspect traders with good risk management and trading skills will outperform them when the year is done.

$SPY Chart Facts – 5/5/14

$SPY Chart Facts – 5/5/14