SPY Chart 5/21/17
Chart Courtesy of StockCharts.com
  1. The long term uptrend remains in place.
  2. 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.
  3. $SPY is under a bearish crossover signaling a potential down swing here.
  4. The RSI at 52.32 is a neutral reading and the 50 RSI may act as resistance if the down swing continues.
  5. The trading range has spiked higher giving day traders more room for profits.
  6. $SPY has been in a trading range since early March.
  7. The current $SPY trading range is $240 resistance at all time highs and $232 support.
  8. The swing up days were on low volume while the big down day Wednesday was on bigger volume.
  9. 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.
  10. I will continue to look to buy dips not momentum.