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- The long term up trend is still in place.
- All indexes are with-in striking distance of all time highs which remains bullish. $SPY $QQQ $IWM $DIA
- With all stock indexes pushing against the 70 RSI on the daily chart the potential upside is very limited putting the odds on limited momentum taking us to higher prices from here.
- $SPY has been in a $203 support $205 resistance price range for the past 5 days.
- In the past five days the 5 day ema has stopped being the intra-day support.
- The next line of support on the $SPY chart is the 10 day sma then the $200 price level.
- The risk/reward ratio here has skewed in favor of short selling plays and call option sellers.
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