10 Signals on the $SPY Chart

 

  1. 1.$SPY is at all time highs, there is no greater bullish signal than this the majority of the time.
  2. 2.Friday made new all time highs on good volume.
  3. 3.$SPY price is in an up trend  and over every moving average.
  4. 4.Near term support in$254.
  5. 5.Last weeks dips were bought very quickly intra-day showing eager buyers.
  6. 6.RSI is overbought at 71.32. This has been a bullish signal since the U.S. presidential election as overbought has become more overbought with little pullbacks.
  7. 7.The average trading range has been expanding over the last two weeks.
  8. 8.$VIX plunged back lower last week to 9.80 showing a lack of fear for a crash lower.
  9. 9MACD is under a bearish crossover due to the recent sideways action in October.
  10. 10.Earnings started well last week with $AMZN, $GOOGL, and $MSFT leading the way in the tech sector and benefitting $SPY.

I am still currently long $QLD, $UWM, and bought $TSLA Friday near the 30 RSI / 200 day SMA dip in price.


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Posted By eloaizabel : 27 August, 2020
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