10 $SPY Chart Signals

  1. 1.Price remains near all times high.
  2. 2.Price is above all key moving averages.
  3. 3.$SPY is beginning to transition from an uptrend to a trading range with $255.63 as support and all time highs is resistance.
  4. 4.The 10 day EMA failed to hold as end of day support last week as the market began to go sideways.
  5. 5.RSI is at 56.67 and remains bullish.
  6. 6.Down days had more volume than up days last week showing  profit taking at higher prices.
  7. 7.MACD remains under a bearish cross over.
  8. 8.The trading range continues to expand as measured by the ATR.
  9. 9.Volatility continued to expand and then contract ending at a 11.43 $VIX.
  10. 10.These mixed signals are pointing to another week of trading inside a price range on a likely low volume holiday week.

 


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Posted By kevingrady : 27 August, 2020
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Horizontal Support and Resistance Trading is a very popular forex trading system that is used by many traders worldwide.   To know how to use support and resistance trading effectively, you first need to know  how to identify support and resistence levels.   How To Recognize Support & Resistance Levels   Its very simple to find support and resistance levels:   Look at the chart Look for a series of low points where price does not fall below this any further, this is your support level. Look for a series of high points where price does not rise above this any further, this is your resistance level. The more price bounces off this support & resistance levels, the stronger these levels become So next time price comes this level, expect it to bounce again like it did before.   Thats pretty easy to understand, right?   Indicators: None   Timeframes: Any (Larger Timeframes like 1hr, 4hr & daily are much more reliable)   Currency Pairs: Any   Rules: Buy Rules:    Once a support level is identified, draw a horizontal support line and wait for price to fall back to that support line. (a)When price falls back and touches the support line, wait for the that candlesticks to close and place a buy stop order 2-5 pips above that high of the candlestick that touches the support line or (b) place a buy limit order so when price reaches it, it activates it and you are in  a trade 0r (c) you can buy immediately at market price when price touches that level. for buy limit or at market orders, place your stops 10-30 pips below the support line. Take profit target levels should aim for the resistance levels above. Set them within the resistance levels so there is a greater chance of your profit target being hit.   Sell Rules:   Once a resistance level is identified, draw a horizontal support line and wait for price to rise up back to that  line. (a)When price rises  back up and touches the resistance line, wait for the that candlesticks to close and place a sell stop order 2-5 pips below that low of the candlestick that touches the resistance line or (b) place a sell limit order so when price reaches it, it activates it and you are in  a trade 0r (c) you can sell immediately at market price when price touches that level. for sell limit or at market orders, place your stops 10-30 pips above the resistance line. Take profit target levels should aim for the support levels below. Set them within the support levels so there is a greater chance of your profit target being hit.   Trade Management   Consider closing half of your position off in profit when price travels to halway point between  the support and resistance levels. move stop loss and trail stop your profitable trades to lock in profit as your trade moves in favour. the best way as usual, is to move behind those swing highs or lows and place your stops just a few pips behind so there is less chance of you getting stopped out prematurely.

1.$SPY has broken out to make new all times. 2.Price is over all moving averages. 3.Extremely overbought RSI at 81.22. This is one of the most overbought markets in history. 4.MACD remains under a bullish crossover. 5.Small increase in the trading range with ATR Friday after the gap higher. 6.Last week volume started low but increased as the market slowly went higher. 7.$VIX closed the week near where it opened the week at a historically low 9.97. 8.The tech sector has lagged the market with leading tech stocks not making new highs with the S&P 500 as a whole. 9.The financial sector ETF had a strong gap and go in price Friday. $XLF 10.Transports are strong and near new highs. I am still currently long $UWM and $QLD.  

Every one says keep it simple and the trend is your friend. This is as simple as it comes and it utilizes daily trends in the Forex.   Currency pairs: ANYTime frame chart: DailyIndicator: SMA (I use a 30 SMA on most my charts but the idea is to choose a SMA that gives you the best looking trends.)   Entry / Exit rules:Crossing the SMA in either direction, in other words you reverse your position when ever the price crosses the SMA     Money Management:2% of your account per trade 1 open trade per pair with a stoploss of 1/2 % of your account (even though the idea is to reverse your trade every time the price crosses the SMA, there will be times that you’re not going to be there in front of your computer and in those cases you will need a stoploss to ensure your account only takes a small loss.     Advantages: This is a trend following system and the Forex does trend. Disadvantages: In periods when the market is not trending there will be a lot of little losses. (For me, this is price I pay in order to catch a big trend.


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