- $SPY at all times is the most bullish reading we can have.
- $SPY went higher on higher than usual volume.
- RSI at 70.44 enters overbought territory here and the market will likely need to consolidate here before we go higher.
- Every pullback has been an opportunity to buy.
- Every holder of $SPY is not setting on a profit so no stop losses are being hit only profit taking is happening at all time highs to slow down the up trend.
- The MACD is under a bullish crossover.
- The trading range expanded slightly on Thursday and Friday.
- VIX remains at historic lows at 9.75.
- Many sectors are heading into overbought territory like $XLU $XLP $XLK and $XLI. $SPY will need $XLE and $XLF to rally to really take prices higher longer term.
- This market has been rewarding buy and hold investors, quick dip buyers, and momentum traders in tech.
I am currently holding $UWM and $ERX into next week.