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Chart Courtesy of StockCharts.com
- The long term uptrend remains in place.
- Price has lost the short term 10 day EMA as end of day support. The 10 day EMA is now end of day resistance. Showing a loss of momentum.
- $SPY is under a bearish crossover signaling a potential down swing here.
- The RSI at 52.32 is a neutral reading and the 50 RSI may act as resistance if the down swing continues.
- The trading range has spiked higher giving day traders more room for profits.
- $SPY has been in a trading range since early March.
- The current $SPY trading range is $240 resistance at all time highs and $232 support.
- The swing up days were on low volume while the big down day Wednesday was on bigger volume.
- In 2017 a few stocks have lead to the market increase, $FB, $AMZN, $AAPL, $NFLX, and $GOOGL have been the market leaders, watch these for signs of trouble.
- I will continue to look to buy dips not momentum.