Boring Bullish Spy Chart 7/24/16
Chart Courtesy of StockCharts.com
  1. $SPY has held its all time high break out so this chart remains bullish long term.
  2. Short term $SPY is due for a pullback, the 10 day EMA is one high probability pullback area.
  3. $SPY has been in a tight $217.37 resistance and $216 support trading range for seven trading days.
  4. The MACD bullish cross is still in place.
  5. Slow Stochastics has gone flat and neutral in this tight range.
  6. The ATR has dropped dramatically after this rally and the market has begun to go sideways.
  7. VIX at 12.02 shows the current environment is very low volatility. Markets trend from low volatility to high volatility. This is a time to buy cheap options and buy price dips in price and only short extreme overbought levels near the 70 RSI in indexes for small pullbacks.
  8.  The tech sector has been the strongest area of this market however $XLK with a 68.61 RSI does not give much room for an upside in tech with $FB and $AAPL earnings on tap this week.
  9. $SPY at a 66.07 RSI gives a little upside left perhaps to $220 next week before the market runs into short term profit taking.
  10. In a market at all time highs there are not stop losses or trailing stops being hit, profit taking is the only resistance.