10 Fast Facts About the $SPY Chart



  1. The long term and short term up trends are both currently in place with signs of slowing.
  2. $IWM and $QQQ index ETFs both spent last week forming a new high price base range that is bullish.
  3. The risk/reward ratio is shifting against the bulls after this fast run so far from the ‘V’ shaped bottom.
  4. The 5 day ema has been acting as the initial short term end of day support for the past 14 trading days.
  5. The 70 RSI level on the daily chart will indicate a high probability overbought level if we get there.
  6. The $SPY upward momentum has slowed over the past week with little progress being made after the $202.45 price level on Monday.
  7. The $SPY is extended far above the 10 day sma with good odds that the price revisits that line in the next week.
  8. 50-day moving average bouncers.
  9. New all time highs in this market
  10. State of the Market as of 11/09/2014 via Michael Lamonthe