10 $SPY Chart Signals: 11/12/17
Chart Courtesy of StockCharts.com
  1. SPY remains bullish near all time highs and above all key moving averages.
  2. The 10 day EMA has stopped being intra-day support leading to more of a range bound market than one in a sharp up trend day after day.
  3. Opening low and down and finishing higher is bullish. During downtrends the market generally opens high and ends lower.
  4. Last week down days in price were on higher volume than up days in price. Showing some distribution.
  5. SPY MACD remains under a bearish cross under as the market starts to go sideways.
  6. The price trading range continued to expand last week giving day traders more room to work intra-day.
  7. RSI remains bullish at 63.50 with room to go higher.
  8. VIX started making some higher highs and higher lows last week and ending at 11.29.
  9. The leading stocks in the $SPY ETF are all in strong momentum up trends: $AMZN, $AAPL, $MSFT and $GOOGL.
  10. Many signals are currently pointing to an expanding trading range and a potential short term pullback next week.

By Steve Burns

After a lifelong fascination with financial markets, Steve began investing in 1993 and trading his accounts in 1995. It was love at first trade. After more than 30 successful years in the markets, Steve now dedicates his time to helping traders improve their psychology and profitability. New Trader U offers an extensive blog resource with more than 4,000 original articles, online courses, and best-selling books covering various topics.