Signals Bulls are Winning While Bears are Whining

Chart Courtesy of StockCharts.com

1. Price is back over all moving averages. This is bullish.
2. Last week the 100 day SMA continued to hold as support until $SPY broke out of the two week trading range at $274.
3. The next key resistance level on the chart is $278 then all time highs at $286.63.
4. Volatility decreased last week trending lower with lower highs and lower lows with VIX ending at 13.37
5. The size of the trading range has stayed the same last week at 2.62 as $SPY stayed inside the support and resistance and then broke out.
6. RSI at 57.46 returns to the momentum side of the chart and has room to run before becoming overbought.
7. MACD remains under a bearish crossover but the signal line is starting to turn up.
8. Last week’s shortened holiday week was traded on lower volume than average.
9. The leading sectors in the market are $XLU $XLK and $XLE.
10. The leading indexes are the small caps and NASDAQ. $IWM $QQQ