$SPY Support and Restance: 10/30/2016
Chart Courtesy of StockCharts.com
  1. All time highs continue to be resistance.
  2. Upward momentum continues to be faded in this market.
  3. This is not an uptrend or a downtrend, the market is simply going sideways in a range.
  4. The market has a very narrow trading range currently only very quick trades are profitable.
  5. Trend traders are not making money in stock market indexes this year.
  6. MACD has gone flat with a slight bearish cross.
  7. Slow Stochastics has a bearish cross.
  8. $SPY $211 is key support.
  9. RSI at 42 has room to fall further.
  10. The game continues to be buy the dips. I’m looking for a dip near the 30 RSI and $211 price level.

Full disclosure I am currently long $BIB & $TMF.