$SPY broke out above the 50 day sma on Thursday: In the past 4 years after $SPY crossed over the 50 day, 5 days later there were 21 wins/8 losses Average win 1.6% average loss -1.33%.
$SPY bounced and regained the 50 day by the end of day on Friday.
$SPY is above the 5 day ema bullish short term momentum indicator.
$SPY has a reversal candle on the weekly time frame.
The “gap and go” buy signal Thursday held its low of day by the close Friday.
$SPY is in the bullish half of the RSI at 50.13
The bounce near the 100 day sma held so far.
It is normal the majority of the time for price to pull back to a major moving average at least once before a new trend takes off.
The Thursday and Friday price action from the FED minutes and the payroll numbers were neutral by the end of day Friday. This leaves us with a bullish gap up signal from the Wednesday close still.
I bought $UPRO and $TNA Thursday morning in the gap. I bought $SPY on Friday close. My stop is a close under the 50 day sma. The equity market looks bullish here to me inside my trading model and system a close below the 50 day sma will take me back to cash and looking to buy ta bigger dip. We’ll see what happens next week.