Click here to get a PDF of this post
Chart Courtesy of StockCharts.com
- New all time highs in price continue as selling pressure was absent last week.
- Every signal is currently bullish on the $SPY chart.
- The bullish MACD crossover worked out for another great up swing in price.
- The Average True Range at 1.96 is the highest ATR since the November 2016 U.S. presidential election showing a wider trading range expansion for day to day trading. But the moves are still biased to the upside.
- RSI remains at one of the highest readings for $SPY of all time at 87.19. Parabolic uptrend signal with all the closes over the 70 RSI.
- Volume stayed healthy last week on the up days to new all time highs.
- $SPY price has closed above the 10 day SMA for 46 straight trading days.
- Trend following systems and buy and hold investing continue to be the winners in this market with no big dips in price or swings to actively trade.
- All SPYder sector ETFs are near all time highs except $XLU and it had a bullish reversal back over the 350 day SMA and over the 30 RSI.
- This is what a bull market looks like my friends, enjoy it.
