Click here to get a PDF of this post
Chart Courtesy of StockCharts.com
- $SPY is still in a long term uptrend.
- $SPY remains above the short term 10 day EMA moving average.
- Since the gap up day $SPY is in a $239 resistance and $235 support trading range.
- The $SPY has had an expanding trading range
- The MACD remains under a bearish crossover.
- An RSI of 61.74 gives room for more upside.
- 89 straight days of the S&P 500’s RSI(14) above 50. The 2nd longest streak ever.
- Stock fundamental valuations are at highs versus prices only seen in 1929, 2000 and 2007.
- Up days are higher volume than lower volume days.
- The market continues to reward trend followers and buy and hold investors in this market environment with a very small trading range and a slow grind upward.