SPY has closed above the 5 day ema for eight straight days.
The 50 day was broken through to the upside and has held.
The 10 day was broken and price moved with momentum far above the 10 day line.
Eight out of nine straight trading days have seen higher highs in SPY.
The $VXX is in a downtrend.
$SPY is trading in a $169.50 resistance and $168.25 support on the short term daily chart.
The gap up day low of $168.26 has held as new support in this new trading range.
The overall sentiment is still not overwhelmingly bullish by any metric. Magazine covers still have the 2008-2009 meltdown fresh in mind hedging their covers even when they have bulls on them. Stock Twits has a 58% bullish 42% bearish sentiment on the SPY. Hardly an overwhelmingly euphoric bull market as we go after all time highs again. Still plenty of buyers that can come in with such low volume trading and so many on the sidelines. Overall so many still hate this bull market and do not understand that it can go up on shortage of sellers at old price levels.
Short term moving averages are all above each other the 5 day is over the 10 day which is over the 20 day.
I entered with size after the 10 day break out, I have had to move my end of day trailing stop from the 10 day, to the 50 day, to the $168.26 low of day gap up, and now the 5 day ema. I will play the long side only above the 50 day and would only consider shorting if we somehow lose the 50 day line.
