spy2015

 

  1. $SPY is currently in an 8 day trading range, with $208 as resistance, and $204 as support.
  2. $SPY ran up against this resistance again on Friday.
  3. For a momentum breakout, $SPY must breakout and close over the 100 day SMA.
  4. Prices will likely be stuck in this range until the uncertainty over Greece subsides.
  5. $SPY has closed below the 100 day SMA for 9 consecutive trading days. This is the next resistance level after $208.
  6. The 47 RSI is showing weakness, but is basically neutral.
  7. The MACD is still indicating a downtrend and not even close to crossing over bullish.
  8. This market is still being traded and not accumulated. The market is range bound, with no trend in either direction, as $SPY is only up +0.94% for the year.
  9. A close under the 200 day will be the first signal of a change in market dynamics and the beginning of a potential downtrend. I would begin trading the short side under the 200 day.
  10. I will be a dip buyer at a fall to the 200 day SMA or the 30 RSI with size. If they align on a pullback, this is one of the best risk/reward signals for going long in the $SPY.