Chart courtesy of StockCharts.com
- All time highs are bullish.
- The MACD stays under a bullish crossover.
- Short term support is the 10 day ema. The next area of support is the old breakout in the $286 area, then the 50 day sma.
- The 70 RSI area held as resistance at all time highs last week the current RSI of 67.52 is in overbought area here skewing the risk/ratio against long positions.
- It is usually a better strategy to buy the dips in bull markets not sell the all time highs short.
- Volume stayed consistent last week at all time highs in price.
- The ATR continues to decline to 1.90 as the daily trading range continues to be tight.
- The VIX ended higher at 12.86 last week as put options become a little more expensive.
- All sector ETF charts continue to have bullish trends.
- Pullbacks are buying opportunities. This is a difficult market to sell short in profitably.
