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Chart Courtesy of StockCharts.com
- There is nothing more bullish than all time highs. As all the holders of an asset sit with profits and no resistance except profit taking.
- We are in a Bull Market. Leading stocks are hitting all time highs. IPOS are having explosive moves.
- The $SPY 10 day ema is holding as short term support in this grind higher.
- The $SPY 21 day ema is secondary support.
- Volatility continues to go lower with an 11.55 $VIX and an ATR that continues to decline.
- Short term $SPY is going sideways then after a price range is built breaks higher and makes new all time highs.
- $SPY 64 RSI shows strong momentum, 70 RSI could provide the next short term resistance.
- A close under the 21 day ema would be a warning side that the Bulls are losing their momentum and control.
- Last week up days were on higher volume than down days. which could be a sign of accumulation.
- In this type of market the money is made by buying dips and selling into short term resistance or just buying the right stocks and sitting back and enjoying the Bull ride higher.