Chart Courtesy of StockCharts.com
- $SPY is over all key moving averages indicating an uptrend.
- MACD is under a fresh bullish cross.
- Slow Stochastic is under a bullish cross.
- The ATR is declining which is bullish.
- 62.45 RSI shows strong momentum and gives price room to move higher.
- Last week was on low volume which is not ideal, lots of money still on the sidelines here.
- First target at potential resistance is all time highs at $213.34 High probability that $SPY gets to all time highs this week.
- 70 RSI is a target before we see major resistance as $SPY becomes overbought.
- The 10 day / 50 day crossover is bullish in $SPY.
- All 9 sector SPDRs are above their 200 and 50 day SMAs and 50-day is above the 200-day for all 9. Bulls are back in control of the stock market for now.
I am currently holding $UDOW and $TWTR and I am looking to buy any dips as I look for $SPY to reach all time highs and the 70 RSI this week. A $SPY close below the 10 day EMA will invalidate my bullish trading.