Patient Bulls: $SPY Chart for 3/27/16

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Patient Bulls: $SPY Chart for 3/27/16

Patient Bulls: $SPY Chart for 3/27/16

Patient Bulls: $SPY Chart for 3/27/16
Chart Courtesy of StockCharts.com
  1. $SPY continues to consolidate its price action. RSI was slightly overbought but bullish at 63.75 RSI.
  2. $SPY has closed over the 10-day EMA for 28 straight trading days. This is very bullish.
  3. The 50-day SMA has started to move upward. This is bullish.
  4. $SPY is over the 200-day SMA. This is bullish.
  5. MACD is still bullish, but could have  a bearish cross over with another down day.
  6. Slow stochastic had a bearish crossover in the short term.
  7. The ATR continues to decline. This is bullish until it starts to increase.
  8. $SPY continues to be connected with oil prices. Oil seems to be consolidating in price.
  9. The $SPY pullback was on low volume for the last three trading days. This is what you would expect during an uptrend.
  10. Long term, the $SPY chart is still bullish. but it needs consolidation and could possibly pull back before the uptrend resumes.

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