Click here to get a PDF of this post
Chart courtesy of StockCharts.com
- $SPY is at the same price it was at in December of 2014. $SPY has simply been trading in a range for over a year with two corrections sprinkled in. The 200 day has gone flat.
- RSI is still bullish at 56.94 but under the 50 RSI and we could go lower.
- $SPY is back over the 200 day which is bullish on the long term time frame. However the short term price action is looking tired of going up.
- The 10 day ema has stopped being intraday and end of day support. This opens up the door for a dip.
- The MACD bearish cross shows that $SPY has stopped going up longer term.
- The slow stochastics also has a bearish cross showing a short term reversal from highs.
- The ATR stopped going down and as begun to go up.
- Short term price support is at $202 the next key support level is at the 200 day SMA.
- Volume is shifting back to up days on lower volume than down days.
- We are currently back in a buy weakness and sell strength market as price has gone sideways.