The Stuck $SPY Chart 4/17/16

The Stuck $SPY Chart 4/17/16
The Stuck $SPY Chart 4/17/16
Chart courtesy of
  1. Bullish gap up on Wednesday help support at the low of they day for the rest of the week.
  2. $SPY price is above all key moving averages showing an uptrend.
  3. The MACD almost has a bullish crossover.
  4. The Slow Stochastics has a bullish cross and is showing momentum.
  5. The ATR has begun to decline again. This is bullish
  6. Good volume on up days in past weeks.
  7. 63.78 RSI gives $SPY price more room to run before it is overbought. It would be better for the market to go up slowly and build a price base.
  8. The $SPY trend is on track for a 50 day/200 day golden cross in coming weeks.
  9. We could find key short term support at $207.14, the old resistance level.
  10. Gap fill danger back to $206.25. Price should find support there if it back fills.
  11. All time highs are back in play now with this momentum.
  12. The early plunge and correction in 2016 relieved a lot of selling pressure off the double bottom and the odds are we go higher here.

The market looks bullish here from a historical standpoint. We will see if it follows through and continues this trend.

Full disclosure: I am holding long positions here in $SPY $SPXL and $TNA.