Chart Reading

$SPY remains in the trading range it has been in since mid July. $214.25 support and all time highs are resistance at $219.60. This is a very tight range. The chart is still bullish as it stays near all time highs and tries to breakout. We finally had some movement on Friday with ATR increasing. It […]

This has been a dull bullish market with just a slow grind to new highs. The stock market is under tight consolidation inside a price range with no pressure on bulls to sell as $SPY creeps around all time high prices. $SPY is over all key moving averages but lacks momentum. All dips are bought

There is nothing more bullish than all time highs. As all the holders of an asset sit with profits and no resistance except profit taking. We are in a Bull Market. Leading stocks are hitting all time highs. IPOS are having explosive moves. The $SPY 10 day ema is holding as short term support in

The $SPY chart is in an established uptrend with a fresh breakout Friday to new all time highs. $SPY is above all key moving averages 10 day, 50 day, and 200 day. Which remains bullish long term. Currently all dips are being bought quickly. Slow Stochastics is under a bullish cross. ATR has stopped declining

$SPY is currently breaking out of a range into a new long term uptrend. Markets do not go straight up so look for a trading range to develop here before another strong up leg for price to new all time highs. It is possible we spend next week under this all time high. 65.21 RSI

$SPY is back to the price it was at before the Brexit ever happened. The market is still in an 18 month trading range on the verge of breaking out to new all time highs. If the Brexit can’t bring the market down what can? Rallying after bad news is bullish. We had a very high volume

The Brexit was an unexpected event. Traders bets were overwhelmingly bullish and that Britain would remain in the EU even rallying the markets up in front of the risk event. Generally it is better to buy a big sell off in the markets in front of a risk event so when it does not happen the

  $SPY seems to have made a short term pullback inside market that has been going sideways since December of 2014. Buying the deep dips continues to work as $SPY continues to return to all time highs and fail to break out over and over. $SPY has spent the past 4 trading days in a

This could be a $QQQ reversal off a near term bottom in the short term based on the today’s price action. I entered $TQQQ today at $97.38 after the confirmed reversal through the 200 day SMA. I will let price be my guide whether I am stopped out with a close under the 200 day or letting my profits run