Sideways $SPY Chart Facts 4/24/2016

Sideways $SPY Chart Facts 4/24/2016
Sideways $SPY Chart Facts 4/24/2016
Chart courtesy of
  1. $SPY is bullishly above all key moving averages.
  2. The $SPY 50 day/200 day golden cross is historically bullish.
  3. The MACD is showing a bearish cross and beginning to go sideways here showing a trading range.
  4. The slow stochatistics is still under a bearish cross here.
  5. The ATR continues to decline which is bullish.
  6. 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.
  7. The volume is flat not giving clues of consolidation or distribution here.
  8. $207 is near term price support in this trading range.
  9. $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.
  10. 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.