$SPY Chart 1/1/18
Chart courtesy of StockCharts.com
  1. $SPY remains bullish as price is near all time highs put some warning signs for a pullback are starting to emerge.
  2. The 10 day SMA has acted as end of day support for 30 straight trading days. Closing below this line will be a danger signal for bulls.
  3. Friday’s down day was the highest volume day for the past nine days.
  4. The parabolic up trend stalled last week as RSI fell back under the 70 RSI to 63.91.
  5. $VIX reached its highest level in 15 days closing at 11.04 Friday.
  6. The average trading range stopped going lower Friday.
  7. There are signs that volatility could continue to expand at the beginning of the year.
  8. A bearish MACD cross under gives bull a warning as price continues to go sideways last week.
  9. Most leading stocks have stopped making higher highs and are falling back to oversold levels. This could set up some dip buying opportunities this week near the 30 RSI if individual stocks get there.
  10. The odds next week is a $SPY pullback before we see new all time highs as many short term top signals are beginning to emerge.