Bulls in Slow Motion: $SPY Chart 8/7/16
Chart courtesy of stockcharts.com
  1. The $SPY chart is in an established uptrend with a fresh breakout Friday to new all time highs.
  2. $SPY is above all key moving averages 10 day, 50 day, and 200 day. Which remains bullish long term.
  3. Currently all dips are being bought quickly.
  4. Slow Stochastics is under a bullish cross.
  5. ATR has stopped declining so we could see a better trading range begin to develop.
  6. 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.
  7. 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.
  8. $VIX is at 11.39 making new lows. The trend is currently to lower and lower volatility.
  9. $XLF had a strong breakout Friday and $IYT had a strong reversal Friday which is very bullish for stocks.
  10. MACD is under a bearish cross.