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Chart Courtesy of StockCharts.com
- All signals still remain bullish at this point.
- Friday $SPY pressed new highs on good volume.
- With all time highs, only profit taking is putting selling pressure on the S&P 500 index with all buyers sitting on a profit here.
- Price is above all moving averages.
- With RSI at 66.57 we will not likely see much of a strong uptrend continue until after price builds a new base and the overbought level is worked off. We should even see a return to the 10 day EMA next week before we go higher.
- $SPY remains under a bullish MACD crossover.
- The volatility and trading range continues to drop. A $VIX at 10.17 is incredibly low from a historical stand point leaving put options very cheap.
- It is very bullish that the market fails to go down on all the scary North Korean missile news. Even with one going over Japan.
- People should stop calling for a crash when we can’t even get a decent pullback.
- This year has rewarded the bulls and there is no reason yet to think it will not continue to do so.