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Chart Courtesy of StockCharts.com
- $SPY continues to make new all time highs. No more bullish signal than all time highs.
- The 10 day EMA has been the end of the day support since November 16th. This shows a market with momentum.
- The chart remains under a MACD bullish crossover.
- $SPY broke out to new highs in price with the highest volume in 10 days.
- RSI remains overbought at 73.42 over 70 RSI shows momentum and the potential for a parabolic move higher.
- The average trading range trended lower last week.
- $VIX was stagnant last week closing near where it opened at 9.42.
- The tech sector ETF $XLK, consumer staple ETF $XLP, and the consumer discretionary ETF $XLY made new highs last week leading the $SPY to new highs.
- Leading stocks are making healthy price bases and setting up for moves higher. $FB $AAPL $AMZN $NFLX and $GOOGL.
- This is a bullish market for stocks and the most successful strategy has been buying and holding and trend following the long side.