SPY Chart 5/29/16

Chart Courtesy of StockCharts.com

  1. $SPY is over all key moving averages indicating an uptrend.
  2. MACD is under a fresh bullish cross.
  3. Slow Stochastic is under a bullish cross.
  4. The ATR is declining which is bullish.
  5. 62.45 RSI shows strong momentum and gives price room to move higher.
  6. Last week was on low volume which is not ideal, lots of money still on the sidelines here.
  7. First target at potential resistance is all time highs at $213.34 High probability that $SPY gets to all time highs this week.
  8. 70 RSI is a target before we see major resistance as $SPY becomes overbought.
  9. The 10 day / 50 day crossover is bullish in $SPY.
  10. 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.