SPYForumExample_02_22_15

 

  1.  All time highs have been held through all the Greece headlines, this is bullish so far.
  2. The old all time high at $209 will be our first level of support as people that missed the breakout will likely be waiting there for a second chance to get in.
  3. The previous all time at $207 could provide the next line of support.
  4. Last week was a great week for price consolidation with the $208.75 support and $211.33 resistance levels forming a trading range. This type of action helps build a price base for the uptrend to continue.
  5. With a 2.77% year to date return $SPY is hardly in a parabolic or over extended move this year. It has room to lock in more gains.
  6. The MACD is still giving a bullish momentum signal.
  7. RSI at 65.13 gives spy room for more upside before being overbought.
  8. Friday had healthy volume on the move up.
  9. The $SPY had little trouble shaking off bad news and all the Greek fears over the past week. This is bullish.
  10. My positions since the break over the 50 day has been $SPXL $TQQQ $TNA and $SPY my stop is a close below the previous days low to show me a sign of a loss of accumulation in my time frame. I will be looking to take profits over the 70 RSI as my target.