The reason many traders were whipsawed last 2 weeks with prices is that there was no trend, only swings back and forth in the $SPY.
After uptrend and then downtrend signals over the past two weeks the market has settled into range bound prices. $207 resistance and $197 support since late October.
The resistance price levels from the middle of November held Friday.
$SPY fell on the first Greek talks and fears rallied, and then fell back to negative again on Friday after being up early.
The 10 day, 21 day, and 50 day moving averages have all converged within 49 cents of each other showing how the compression of the $SPY’s price range.
MACD is currently showing a bullish crossover.
The RSI is showing a middle line bullish crossover.
All time highs are within one days striking distance which is bullish.
The long term uptrend is still firmly in place.
Overall the chart is still bullish and dips are likely to still be a great plan if we get a chance.
