Profit Taking on the $SPY Chart 6/24/18

Profit Taking on the $SPY Chart 6/24/18
Profit Taking on the $SPY Chart 6/24/18
Courtesy of StockCharts.com
  1. Price traded below the 10 day ema for the last 4 trading days settling into a trading range.
  2. Last week traded on lower volume all week.
  3. Profit taking: Previous peak resistance continued to hold at $278 last week.
  4. Current short term support is $273.50.
  5. $SPY has traded around the 20 day EMA, finding some buyers there.
  6. MACD is still under a bearish cross under.
  7. RSI stays on the momentum side of the chart at 53.70.
  8. The average true range continues to trend down to 2.15 as volatility stays low.
  9. $VIX remains low at 13.77.
  10. Bearish Rotation: $XLF financials and $XLI industrials are both under their 200 day SMAs. $XLP consumer staples and $XLU utilities continue to trend back to its 200 day SMA.