- The long term up trend is still in place with $SPY closing at a new end of week high on the weekly chart.
- Intermediate term time frame favors swing traders here with $SPY going sideways for the year with a +2.27% gain.
- $SPY has spent 11 weeks in a trading range of $180 support/$189 resistance.
- Amazingly the 5 day ema has held as closing support for five straight days as the $SPY tries to make higher highs and refuses to go down so far.
- For four straight days $SPY has made higher highs and higher lows to create a very short term up trend.
- The Ukraine headline risk maybe the primary cause of many traders having risk off going into the weekend.
- Big cap sectors are holding up well in the market benefiting from weightings in Apple, consumer staples, utilities, healthcare, and energy.
- With most momentum stocks having broken charts the bull market is growing old as money rotates to other sectors. $XLP $XLE $XLU
- This is not 2013 and traders will have to manage risk and stay flexible to what could happen next and trade price.
- Buy and holders are not looking like the geniuses they looked like last year and this year I suspect traders with good risk management and trading skills will outperform them when the year is done.
