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Chart courtesy of stockcharts.com
- The $SPY chart is in an established uptrend with a fresh breakout Friday to new all time highs.
- $SPY is above all key moving averages 10 day, 50 day, and 200 day. Which remains bullish long term.
- Currently all dips are being bought quickly.
- Slow Stochastics is under a bullish cross.
- ATR has stopped declining so we could see a better trading range begin to develop.
- Short sellers continue to be forced to cover at higher prices as the market is in a slow grind higher with no multi-day pullbacks.
- RSI at 65.27 shows strong momentum but the market will need to consolidate first in price before higher prices as 70 RSI will likely cause short term resistance.
- $VIX is at 11.39 making new lows. The trend is currently to lower and lower volatility.
- $XLF had a strong breakout Friday and $IYT had a strong reversal Friday which is very bullish for stocks.
- MACD is under a bearish cross.