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10 Facts About the $SPY Chart: 5/7/17
- There is nothing more bullish than a price trading at an all time high.
- $SPY price remains in an uptrend and above all moving averages.
- The 10 day / 50 day crossover is a bullish signal.
- A 65.77 RSI is near overbought and could be signaling more price building in this range before more of an uptrend.
- The volatility has dropped and price is now in a very tight trading range. (ATR)
- The MACD remains under a bullish crossover.
- A VIX at 10.57 allows traders to buy very cheap $SPY put options as insurance for long term holdings. This can lead to little selling as a cheap hedge replaces a stop loss.
- The market is trading in this range with low volume.
- Too many prognosticators calling for a market crash for too long when this market will barely even pull back.
- The money remains in buying any small pullbacks in price.