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The Dull Bullish $SPY Chart: 8/21/16
Chart Courtesy of StockCharts.com
  1. This has been a dull bullish market with just a slow grind to new highs.
  2. The stock market is under tight consolidation inside a price range with no pressure on bulls to sell as $SPY creeps around all time high prices.
  3. $SPY is over all key moving averages but lacks momentum.
  4. All dips are bought quickly at the 10 day ema or the 21 day ema showing how many investors and traders are trying to get back in at every chance.
  5. RSI at 60.75 is bullish with room to go higher before becoming overbought
  6. Slow Stochatistic has given a short term buy signal.
  7. The ATR continues to go lower giving traders the green light to trade bigger position sizes with the low volatility.
  8. The MACD is under a bearish cross as there has not been enough momentum to push it to have a bullish crossover.
  9. Volume has become light and volume coming in could easily move this market in either direction next week.
  10. My strategy here is to buy the dips until the 70 RSI is reached, like it was last week.

I am currently long $SPY with size long term and long $SPXL short term. I am looking for a potential run to $225 and/or the 70 RSI, before a substantial pullback but I will be trading the price action. A close under the 10 day ema will give me cause for concern.