Chart Reading

$SPY sits at +3.04% year to date. It hasn’t delivered much return in 2016 for all the risk that has been taken on during the drawdowns. $SPY continues to stay inside a large trading range since late 2014. All-time highs were rejected last week. The Brexit possibilities are starting to send jitters into the equity markets,

The surprisingly bad job’s report released on Friday was initially sold off, but then recovered and rallied back to erase the majority of morning losses. We traded around a $208.85 support and a $211 resistance level last week in $SPY. This is a good price base to build, setting up another run to higher levels. This market continues to be

Chart Courtesy of StockCharts.com $SPY is over all key moving averages indicating an uptrend. MACD is under a fresh bullish cross. Slow Stochastic is under a bullish cross. The ATR is declining which is bullish. 62.45 RSI shows strong momentum and gives price room to move higher. Last week was on low volume which is

Still lots of mixed signals in $SPY price action going into next week. We appear to sill be range bound and looking for a breakout of this tight trading range. We are in the neutral zone of price action. The bad news: $SPY price is still under all key moving averages: 10 day EMA and

Here is a great guest post from Rayner Teo: Here’s the truth: Price action trading is not just trading pinbars or engulfing patterns. Rather, it’s reading the sentiment of the markets, identifying areas of value, and trading along the path of least resistance. And yes, price action trading can be complemented with indicators. It’s about

The $SPY price is still in the same price range as it was in late 2014. $SPY is still within striking distance of all time highs. The 50 day SMA held as support on Friday bouncing late in the day. $203 is the short term support level. MACD is still under a bearish cross. Slow

The Double Bottom Chart pattern is a bullish reversal pattern. This pattern is created when a key price support level on a chart is tested twice with a rally between the two support level tests. A double bottom chart pattern happens at the end of a downtrend that has likely gone on for weeks maybe months.