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10 Fast Facts About the $SPY Chart

SPY2015

 

  1. The long term uptrend is still in place.
  2. $SPY is within striking distance of all time highs.
  3. The RSI still gives it room to run up.
  4. $SPY closed below the 5 day ema. Momentum is waning.
  5. The MACD is close to a bearish crossover.
  6. Near term support is at the previous closing all time high  high around $209.
  7. $SPY was rejected from the overbought RSI level over 65.
  8. Three days of lower lows and lower highs is the first sign of a pullback.
  9. The 50 RSI may converge with the $209 levels this week setting up the first possible dip buying opportunity.
  10. The best odds here is still in buying the right dip. We have the two trend lines and the 50 day sma to watch next week if it gets there.