$SPY Chart 10/23/16
Chart Courtesy of StockCharts.com
  1. We are currently in a range bound market.
  2. Long term resistance remains at all time highs.
  3. $210 is a key price support level as it was resistance at the beginning of the year.
  4. The 100 day EMA has provided a key support level since September.
  5. $SPY has closed under the 10 day EMA 8 of the last 9 days which is bearish.
  6. $QQQ is showing relative strength over $SPY.
  7. MACD is still under a bearish cross.
  8. Slow Stochastics has a bullish cross.
  9. The ATR declined last week, the trading range continues to narrow.
  10. This remains a buy the dip market. I will continue to look to buy deep dips and sell into rips higher in price.