10 Signals on the $SPY Chart: 10/29/17

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10 Signals on the $SPY Chart: 10/29/17
Chart Courtesy of StockCharts.com
  1. $SPY is at all time highs, there is no greater bullish signal than this the majority of the time.
  2. Friday made new all time highs on good volume.
  3. $SPY price is in an up trend  and over every moving average.
  4. Near term support in$254.
  5. Last weeks dips were bought very quickly intra-day showing eager buyers.
  6. RSI is overbought at 71.32. This has been a bullish signal since the U.S. presidential election as overbought has become more overbought with little pullbacks.
  7. The average trading range has been expanding over the last two weeks.
  8. $VIX plunged back lower last week to 9.80 showing a lack of fear for a crash lower.
  9. MACD is under a bearish crossover due to the recent sideways action in October.
  10. Earnings started well last week with $AMZN, $GOOGL, and $MSFT leading the way in the tech sector and benefitting $SPY.

I am still currently long $QLD, $UWM, and bought $TSLA Friday near the 30 RSI / 200 day SMA dip in price.