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Chart Courtesy of StockCharts.com
- Bullish 66.59 RSI. Not much room to run without consolidation first. 70 RSI tends to be resistance in stock index ETFs.
- Price is bullish and over all key moving averages. 10 day EMA, 50 day SMA, and the 200 day SMA.
- The 200 day has gone flat and the 50 day SMA has started to turn upwards.
- The 200 day SMA has acted as end of day support for the past 5 trading days.
- Slow stochastics still holding its bullish crossover.
- MACD is still holding its bullish crossover.
- The ATR is bullish with sharply declining volatility.
- The past two up days have been on very low volume. Returning volume will determine our next direction. The low volume should be troubling to bulls. We need to see a break out to new 2016 high prices with high volume for confirmation of the next possible leg up.
- The major FANG components $FB $AMZN $NFLX $GOOGL have bullish set ups and the potential to run higher here.
- $AAPL looks to have topped out here over the 70 RSI short term and is need of consolidation in price action.