Chart Reading

This market index changed from accumulation to just being traded back and forth since December 9th. The trading range since December 9th has been support at $222.73 while resistance has been near all time highs at $227.75. The long term uptrend is still up as it tried to break out to the upside again Friday. […]

Long term the $SPY chart is still in an uptrend. $SPY remains within striking distance of all time highs in price. But needs price consolidation and a pullback before it can really go higher. The odds of success favor buying pullbacks. In the short term $SPY is on the wrong side of the 10 day

$SPY continues to stay in a strong uptrend but is starting to consolidate gains. $SPY traded in a $224 support and $227 resistance trading range last week. Price has become very extended from the 50 day and 200 day SMA and even the 10 day EMA. A small pullback is likely next week to the 10

This is not a prediction it is just a list of things to look for as possible signs before a market rolls over. Alone these are just possibilities but the probabilities increase as more of the signs are in place. These signs do not mean that the market could crash just that it can pullback to

The first support for $SPY on any small pullback would be the 10 day EMA. $SPY is over two ATRs from the 10 day EMA and a pullback there would be a normal pullback inside a parabolic uptrend. We should see this next week. Over the next few weeks the next key level for support

$SPY is in a long term uptrend. Pushing against all time highs is the most bullish signal. $SPY has been range bound for the past seven trading days. The 10 day ema has acted as end of day support for the past 19 trading days. The 10 day ema is the first line of support. The $218.50

This markets lagging sectors are $XLU, $XLP, and $XLV. These have held $SPY back from performing at the same pace as the DJIA and small caps. $XLF $IWM and $DIA have lead this run up. $SPY has benefitted from financials and big cap strength. Bond yields are rising as bond prices fall which has been

$SPY price is above all key moving averages the 5 day ema, 10 day ema, 50 day sma, and the 200 day sma. $SPY is within striking distance of all time highs. Nothing is more bullish than all time highs. Financials are leading the market here. $XLF Bond prices are down and bond yields are up.

The stock market went into panic coming into the uncertainty of the election as Trump odds of winning rose with the FBI looking back into Clinton e-mails. The downtrend immediately reversed as the FBI dropped the Clinton investigation at the $SPX 200 day sma. The market rallied into the election sure that Clinton would win and

The stock market seems to be correlated to going down when the probabilities of Trump being president go up and going up when the probabilities of Hillary being president go up. The $SPY is already in oversold territory closing with a very rare 29.30 RSI. We are near the bounce and rally zone the danger