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Chart courtesy of StockCharts.com
- This remains a range bound market inside a longer term uptrend with defined trading ranges.
- Long term resistance is at $218.50 long term support is at $212.
- Short term resistance is at $216 short term support is at $214.
- The $SPY has gone so flat and sideways that the 5 day ema, 10 day ema, and 21 day ema have all converged at the ame price of $215.39. This is very rare.
- MACD is slightly bullish but basically has gone flat.
- Slow Stochastics is under a bearish cross.
- The ATR has stayed at $1.93. Which gives $SPY about a 1% daily trading range.
- RSI is flat at $48.78.
- This is really a day traders market with the current tight range.
- I will be looking to buy weakness and sell strength again next week.