10 Fast $SPY Chart Signals: 11/5/17

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10 Fast $SPY Chart Signals: 11/5/17
Chart Courtesy of StockCharts.com
  1. The bullish signal of new all time highs continue.
  2. Price is bullishly over all moving averages.
  3. The 10 day EMA has been a key short term support level.
  4. The RSI at 70.66 shows the momentum to trend through overbought price levels. The RSI over 70 has been a momentum signal since November of 2016 in one of the most overbought markets in history.
  5. $VIX is near an all time historical low in volatility at 9.14. Creating very cheap put options on $SPY as fear is very low at these price levels.
  6. The ATR continues to increase giving traders more of an intra-day trading range.
  7. The MACD is under a bearish cross showing signs of a market losing momentum.
  8. Volume trended lower last week as prices pulled back and then went higher. Volume remains healthy.
  9. $XLK Tech sector has been the leader for $SPY going to higher prices with $FB $AMZN $GOOGL, and $AAPL leading the market higher.
  10. The winning strategies in this market have not changed, buy the quick dips or buy and hold long and follow the trend.

I remain long $QLD and $UWM here.