Chart Courtesy of StockCharts.com
10 Fast Facts About the $SPY Chart
- The long term uptrend is still in place.
- $SPY is within striking distance of all time highs.
- The RSI still gives it room to run up.
- $SPY closed below the 5 day ema. Momentum is waning.
- The MACD is close to a bearish crossover.
- Near term support is at the previous closing all time high high around $209.
- $SPY was rejected from the overbought RSI level over 65.
- Three days of lower lows and lower highs is the first sign of a pullback.
- The 50 RSI may converge with the $209 levels this week setting up the first possible dip buying opportunity.
- 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.