Click here to get a PDF of this post
Chart courtesy of StockCharts.com
- $SPY is bullishly above all key moving averages.
- The $SPY 50 day/200 day golden cross is historically bullish.
- The MACD is showing a bearish cross and beginning to go sideways here showing a trading range.
- The slow stochatistics is still under a bearish cross here.
- The ATR continues to decline which is bullish.
- The 63.62 RSI does not give much room for higher prices without more of a pullback or a price consolidation to allow the RSI to drop to less overbought levels. Risk/reward does not favor long positions here at these price levels.
- The volume is flat not giving clues of consolidation or distribution here.
- $207 is near term price support in this trading range.
- $SPY adjusted for dividends did break out to new all time highs last week. This is very bullish longer term even if we pullback short term.
- This is a bull market in consolidation. I will be looking to buy dips and sell strength in this market until this range breaks above recent highs at $211 or closes below the 10 day EMA.