10 Fast Facts About The $SPY Chart

10 Fast Facts About The $SPY Chart

  1. There is a high probability that volatility continues to rise next week off recent lows with the perceived and expected headline risk in Iraq and the uncertainty about its future.

  2. It would create some better set ups for equity traders if the market uses Iraq as an excuse to take profits and bring the $SPY down to lower levels to buy into the longer term up trend.

  3. With risk in Iraq the energy sector has really went into an extreme overbought area pushing to near the 80 RSI. The $XLE is the sector I will look at for bearish credit spreads or buying put options on with any sign of weakness. Currently I have been long gold via $UGL off the oversold levels when the RSI was under 30.

  4. $AAPL has seemed to have found a short term top after it split and the addition of several billion shares to its share float. $AAPL will likely weigh on the $QQQ and the big cap sector next week as profit taking has set in.

  5. Many big leading growth stocks have started to struggle again over the past few days $PCLN $GOOGL $FB this is not what bulls want to see.

  6. $SPY How To Trade Without Watching The News

  7. The 50 RSI has acted as support since mid April.

  8. The next major level of $SPY chart support is the gap up low of day of $190.95 level.

  9. The 50 day sma has been the $SPY bounce zone since the middle of April.

  10. If the $SPY chart sells down to the 30 RSI on the daily chart that is a great risk/reward area to go long and has been a good long side entry signal over the past 4 years.


10 Fast Facts About The $SPY Chart

10 Fast Facts About The $SPY Chart