-
$SPY spent 2014 primarily range bound before its recent break out.
-
The 5 day ema has been end of day support for the past 12 days.
-
The 50 day sma has been support since late April.
-
$SPY has broken and closed above the 70 RSI for the second time since year.
-
$SPY is up 5.79% year to date. It is up 4.60% for its past one month return.
-
There is a high probability that $SPY reverts to the 5 day ema next week.
-
There is a very high probability that $SPY is near a pullback at these RSI levels.
-
With the ECB & Payroll report catalysts behind us the odds favor a sideways or down for $SPY next week.
-
Last week was the first time this year that buying all time highs in $SPY was not punished by a red waterfall.
-
Many growth stocks did set up for possible buy points–> Top 10 Setups in Bases as of 06/07/2014
