- The long term up trend continues to be up but the short term uptrend is under pressure as price declines under the 10 day EMA.
- Price has also crossed under the 50 day SMA and the next major moving average of support is at the 100 day SMA.
- The MACD continues under a bearish cross under.
- RSI is now on the bearish side of the chart at 47.79 and can go as low as an RSI of 30 before becoming oversold.
- Very low volume rally attempts last week versus the big down day’s higher volume from previous weeks ago.
- The average trading range for $SPY has been increasing steadily since near the price top on August 8th.
- VIX at 11.28 is low based on near term readings and is still very low from a historical perspective.
- $SPY has not sustained any gains since the June 19th high in price.
- The stock market as a whole has been trading in a range for months with many market leaders under pressure.
- I am still watching for a key convergence of support at the $240-$241 price near the 100 day SMA and the RSI in the low 30s for a buying opportunity.
I am still holding $TNA from the recent oversold $IWM 30 RSI level and the 200 day sma breakout confirmed my original entry.